South Korean Ambassador Park Young-sik has said that a proposed Comprehensive Economic Partnership Agreement (CEPA) between Bangladesh and South Korea could give “new momentum” to bilateral relations and open a fresh chapter in trade and investment between the two countries.
Speaking at a seminar in Dhaka on Sunday, the envoy described Bangladesh as an “attractive destination” for Korean investors but urged the government to remove bureaucratic bottlenecks and improve the business climate to fully realise its potential.
Building on 50 years of partnership
At the event, titled “Corporate Social Responsibility (CSR) Activities of Korean Investors and a Future Together”, Ambassador Park said the two nations were working closely on the proposed CEPA framework — an agreement that would deepen economic cooperation and streamline trade.
“Korea does not pursue any strategic interests beyond economic cooperation,” he said. “Both Korea and Bangladesh are committed to moving forward towards a brighter and more prosperous future, building on the achievements of the past 50 years.”
The seminar was jointly organised by the Korean Embassy, KOICA, and KOTRA, and attended by leading figures from the Korea–Bangladesh Chamber of Commerce and Industry (KBCCI) and Korean companies operating in Bangladesh.
‘Bangladesh still an attractive destination’
Ambassador Park said Bangladesh’s rapidly growing economy, strategic location, and large labour force continued to draw Korean investors.
However, he cautioned that challenges such as visa delays, high tariffs on raw materials, slow customs clearance, and restrictions on profit repatriation could discourage future investment.
He added that Bangladesh’s export volumes to Korea were rising but remained limited by a narrow product base. “Footwear, ICT, leather, light industrial goods and pharmaceuticals could see far greater export potential,” he said, adding that the CEPA agreement would “create new momentum” for the country’s ready-made garment exports to Korea.
‘Korea wants to be a partner in infrastructure’
The ambassador said Bangladesh must now focus on long-term infrastructure development to sustain economic growth.
“Korea wants to be an important partner in Bangladesh’s infrastructure journey, just as we were in the ready-made garment sector,” he said, calling for a “transparent and competitive environment” that allows foreign companies to participate in large-scale projects.
Bangladesh is currently the third-largest recipient of South Korea’s Official Development Assistance (ODA), Park noted. Through KOICA, Seoul is funding programmes in technical and vocational training to boost workforce skills and modernise equipment across industries.
From garments to green growth
Looking back on five decades of partnership, Ambassador Park recalled the landmark 1979 collaboration between Daewoo Corporation and Desh Garments, which laid the foundation for Bangladesh’s export-oriented garment industry.
He cited the Korean Export Processing Zone (KEPZ) in Chattogram — the first private, country-based EPZ in Bangladesh — as a symbol of continued cooperation. The zone currently employs over 70,000 people and exports goods worth US$1.25 billion annually.
The ambassador also praised Youngone Corporation for its “Blue and Green Initiative”, which transformed abandoned land into a green industrial zone. The company has planted more than three million trees and operates Bangladesh’s largest rooftop solar project, generating 37 MW of renewable energy.
Its CSR initiatives include a 100-bed hospital, a Fashion and Textile Institute, and a scholarship programme for local students. “Youngone’s commitment to environmental protection and community development reflects the spirit of responsible and inclusive growth,” he said.
Representatives from LG, Woori Bank, Dohwa Engineering, Samsung, and other Korean firms also attended the event, which underscored Seoul’s growing role as both investor and development partner in Bangladesh’s future economy.