Bangladesh mulling economic deal with South Korea for trade boost: FM

This move aims to invigorate bilateral trade and investment cooperation between the two nations.

This is as per reports, which added Mahmud emphasised the significance of forging new arrangements to foster cooperation, especially after Bangladesh’s anticipated graduation from the Least Developed Country (LDC) status in 2026.

These deliberations transpired during a meeting between the foreign minister and ambassador Park Young-sik of the Republic of Korea (ROK) at the Ministry of Foreign Affairs.

Mahmud expressed gratitude for the congratulatory messages conveyed by the Korean President and foreign affairs minister to Bangladesh’s Prime Minister and foreign minister respectively, following their assumption of office post the January 7, 2024, general elections.

Highlighting the 50-year-long amicable bilateral relations between Bangladesh and the ROK, Mahmud thanked the Korean government for generously providing seven luxurious vehicles to commemorate this milestone. He also appreciated the ROK’s facilitation of preferential market access for numerous Bangladeshi products.

Furthermore, Mahmud thanked Korea for expanding the quota for Bangladeshi skilled workers under its Employment Permit System (EPS) scheme.

Both sides also deliberated on enhancing cooperation regarding the Avoidance of Double Taxation, revising the Air Services Agreement, facilitating high-level exchanges, and collaborating to modernise Bangladesh’s industries, especially the readymade garments (RMG) sector, through direct or joint venture investments in Manmade Fibre (MMF) and technology exchange initiatives.

ALCHEMPro News Desk (DR)