Korea vows to deepen ties with Bangladesh

Today, South Korean Ambassador Park Young-sik reiterated his nation’s commitment to strengthening its connection with Bangladesh, calling the two countries’ 50-year history together “a remarkable journey of cooperation built on mutual trust, shared growth, and friendship.”

“Since the establishment of diplomatic ties in 1973, Korea and Bangladesh have witnessed a remarkable journey of cooperation in various sectors, including trade, investment, development, and people-to-people exchanges,” he said. 

The envoy was delivering his welcome address at the “Korean Investors’ CSR Activities and Future Together” Seminar held at a city hotel. 

The seminar, which was co-organized by the Korean Embassy, KOICA, and KOTRA, brought together Korean investors, development organizations, non-governmental organizations, and business community representatives from Bangladesh to highlight CSR initiatives and talk about potential future collaborations.

The chief guest for the occasion was Shahab Uddin Khan, president of the Korea-Bangladesh Chamber of Commerce and Industry (KBCCI).

According to Ambassador Park, Korea and Bangladesh have a long history together, dating back to 1979 when Desh Garment and Daewoo Corporation formed a groundbreaking cooperation that established the groundwork for Bangladesh’s ready-made garment (RMG) sector.

“The early collaboration between Desh Garment and Daewoo Corporation in 1979 helped to plant the seed of the RMG industry in Bangladesh,” he said. 

“Since then, many Korean companies have significantly contributed to the rapid growth of Bangladesh’s RMG sector, which now accounts for more than 80 percent of the country’s exports.”

He highlighted the continued success of the Korean Export Processing Zone (KEPZ) in Chattogram—the first privately developed, country-specific EPZ in Bangladesh—which he described as “a symbol of our enduring partnership, generating about USD 1.25 billion in exports and employing more than 70,000 workers.”

Beyond the RMG sector, the envoy noted Korea’s growing participation in Bangladesh’s infrastructure development.

“Since 1973, 144 Korean companies have participated in 257 infrastructure projects in Bangladesh with a cumulative value of USD 8.82 billion as of April 2025,” he said.

Ambassador Park emphasized that Korean investors in Bangladesh have long set examples of responsible and sustainable business practices.

“CSR is not just a buzzword; it’s a commitment to giving back to the communities in which we operate,” he said. “Our CSR activities are not just about philanthropy; they reflect our dedication to sustainable business practices that benefit society and the environment.”

Towards deeper economic cooperation and CEPA

Focusing on future cooperation, the Korean ambassador underlined the importance of the ongoing negotiations for a Comprehensive Economic Partnership Agreement (CEPA) between the two countries.

“Its conclusion will provide another opportunity to take our existing close relationship a step further,” he said.

He noted that Bangladesh remains “a promising destination for South Korean investors, with its rapidly growing economy, strategic location, and abundant labor force,” but suggested that further improvements in business conditions—such as timely visa processing, efficient customs clearance, tariff reduction, and flexible profit repatriation—would help realize the full investment potential.

Ambassador Park added that Bangladesh’s exports to Korea are rising but still limited in range.

“Items such as footwear, ICT products, leather goods, light industrial products and pharmaceuticals can be further exported to Korea,” he said. “A bilateral CEPA can provide an impetus to further increase Bangladesh’s share in Korea’s market, especially RMG items.”

He also reaffirmed Korea’s readiness to remain a key partner in infrastructure development, noting that “Korean enterprises are known for quality delivery and are ready to continue their contribution to Bangladesh’s sustainable and resilient growth.”

Referring to Korea’s evolution from aid recipient to donor nation, Ambassador Park said, “Korea is the first country in the world to make the transition from an ODA recipient to a donor nation. We are willing to share our development experience with other developing countries.”

Bangladesh, he said, is currently the third-largest recipient of Korea’s Official Development Assistance (ODA), covering sectors such as education, water and sanitation, health, public administration, and transportation. Through KOICA, Korea is supporting technical and vocational education to help Bangladesh’s workforce prepare for future industrial demands.
Summing up the long-standing friendship between the two countries, the envoy said, “Korea does not pursue strategic interests beyond our economic cooperation. Building on the achievements of the past 50 years, both Korea and Bangladesh are committed to forging a brighter and more prosperous future for our nations.”

He thanked Korean investors and NGOs for their “unwavering dedication to CSR” and expressed optimism that the next phase of bilateral relations would be marked by stronger economic engagement, sustainable growth, and shared prosperity.

“Korean investors have not only contributed to Bangladesh’s industrial progress but have also become trusted partners in its social transformation,” he said. “Together, we will continue building a future of shared prosperity.”