The Embassy of Bangladesh highlighted the business and investment prospects the country has to offer at the second edition of the Global Business Forum co-hosted by the embassy and The Korea Herald on Wednesday.

Bangladesh’s Ambassador to South Korea Delwar Hossain invited South Korean companies to participate in his country’s robust socioeconomic progress and vibrant private sector.

“Complementarities of the Bangladeshi and Korean economies render huge potential for a mutually beneficial partnership,” Hossain said during welcome remarks at the forum.

According to Hossain, South Korea is now a key economic and development partner of Bangladesh, with bilateral trade value hitting $2 billion in 2021. 

“Korea is the fifth-largest foreign investor in Bangladesh,” the ambassador said, adding that South Korean companies had operated an exclusive export processing zone in Bangladesh for the last 40 years.

Bangladesh stood as one of the fastest-growing economies, with its gross domestic product growth rate reaching 8.15 percent between the July 2018 - June 2019 financial year, according to Hossain.

“Bangladesh achieved substantial GDP growth rates, the highest in the Asia-Pacific region, even amid COVID-19,” Hossain said.

He said that South Korean companies in Bangladesh diversified their presence and implemented infrastructure projects witnessing tremendous expansion, both in depth and dimension.

The ambassador highlighted the substantial number of Bangladeshi nationals working for South Korean companies, and congratulated the people of Bangladesh and Korea ahead of the 50th anniversary of Bangladesh-South Korea diplomatic relations next year.

Bangladesh and South Korea are committed to using the golden jubilee to take the relationship to a new height, making it more meaningful to the people of both countries, the ambassador said.

Korea Trade-Investment Promotion Agency Director General Kim Jong-won followed with a short presentation, during which he urged Korean investors to look beyond ASEAN countries and access huge and potential markets, particularly Bangladesh.

Kim highlighted Bangladesh’s recent economic developments and future growth projection with comparative analysis. He also highlighted Bangladesh’s investment-friendly environment policies under the current government and competitive labor costs as major strategic factors that make Bangladesh a major investment destination.

Citing Samsung and Hyundai Motor’s collaborations with local companies in Bangladesh to assemble mobile phones, home appliances and automobiles, he encouraged other sectors to map out similar opportunities.