Discussion on Expanding Economic Cooperation with Bangladesh, a Key Hub in South Asia

Bangladesh Public-Private Joint Delegation Visits Korea

A joint civil-government delegation from Bangladesh visited Korea to explore ways to expand economic cooperation between the two countries, including increasing trade and investment and strengthening industrial cooperation with the Korean government.

The Ministry of Trade, Industry and Energy announced that Jeong In-gyo, Director General for Trade Negotiations, met with Humayun, Minister of Industry of Bangladesh, at the Four Seasons Hotel in Seoul on the 22nd to discuss ways to expand economic cooperation.

Jung In-gyo, Director General of Trade Negotiations, Ministry of Industry. (Photo by Jung In-gyo)

At the meeting, Director General Jeong emphasized his commitment to sharing Korea's economic development experience. He also stated that the textile industry, the main area of cooperation between the two countries, should be upgraded to high value-added production, and that cooperation should be diversified into areas such as digital technology and carbon neutrality to further enhance economic cooperation. To this end, he stressed the importance of concluding a new economic cooperation platform, the Trade and Investment Promotion Framework (TIPF).

Bangladesh, with a population of 170 million, is emerging as the world's 8th largest domestic market and has been growing rapidly with an average annual economic growth rate of over 7% since 2016. It is also scheduled to graduate from the Least Developed Country (LDC) status by 2026. In preparation for this, the Bangladeshi government is focusing its policy capabilities on upgrading its industrial structure.

Director General Jeong conveyed that Korean companies operating in Bangladesh are facing common difficulties in visa issuance, customs duties, clearance, and infrastructure, and requested cooperation to resolve the challenges faced by Korean local companies smoothly. In response, Minister Humayun said that they would closely examine the difficulties of Korean investment companies and actively support Korean companies to conduct stable business activities in Bangladesh.

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