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Bangladesh and South Korea are negotiating a Comprehensive Economic Partnership Agreement (CEPA) that could significantly boost bilateral trade, investment, and development cooperation, according to South Korean Ambassador Park Young-sik.

Speaking at a seminar titled “Korean Investors’ CSR Activities and Future Together” on Sunday, Ambassador Park said the agreement would “take the existing close relationship between the two nations a step further,” building on five decades of friendship.

“Korea does not pursue strategic interests beyond our economic cooperation. Both countries are committed to a brighter and more prosperous future,” he said.

The seminar, hosted by the Embassy of Korea, KOICA, and KOTRA, brought together policymakers and business leaders including KBCCI President Shahab Uddin Khan and KOICA Country Director Jihoon Kim.

Strong trade ties, untapped export potential

Ambassador Park described Bangladesh as a promising investment destination due to its fast-growing economy, strategic location, and young labour force. But to fully unlock this potential, he urged Dhaka to improve the business climate through faster visa processing, smoother customs clearance, lower tariffs on raw materials, and easier profit repatriation for foreign firms.

He noted that Bangladesh’s exports to Korea are growing each year but remain limited in scope. Beyond ready-made garments, he suggested increasing exports of footwear, ICT products, leather goods, light industrial items, and pharmaceuticals.

“A bilateral CEPA can provide the impetus to expand Bangladesh’s share in Korea’s market,” he said.

Expanding cooperation in infrastructure and development

The envoy highlighted Korea’s willingness to support Bangladesh’s infrastructure development, similar to its role in nurturing the country’s RMG sector.
“Korean enterprises are known for quality delivery and stand ready to contribute further,” Park said, urging Bangladesh to create an enabling environment for foreign companies to participate in major infrastructure projects.

Korea’s development cooperation continues to play a vital role, with Bangladesh ranking third among Korea’s ODA recipients. Korean aid projects span education, healthcare, sanitation, transportation, and public administration.

“Korea is fully committed to strengthening Technical and Vocational Education and Training (TVET) to close skill gaps and prepare workers for future growth,” Park said.

He also reminded that Korea is the first nation to transition from an aid recipient to a donor, offering to share its development experience with other emerging economies.

50 years of partnership and shared growth

Since establishing diplomatic relations in 1973, Bangladesh and Korea have built strong collaboration across trade, investment, and people-to-people exchanges.

“Over the last fifty years, cooperation in the RMG sector has been the driving force behind our bilateral ties,” Park noted, expressing gratitude to investors and NGOs for their continued CSR efforts.

Korea’s contribution to Bangladesh’s garment revolution began in 1979, when Desh Garment partnered with Daewoo Corporation, laying the foundation for the modern RMG industry that now generates over 80% of Bangladesh’s exports.

Green leadership through KEPZ

The Korean Export Processing Zone (KEPZ) in Chattogram, developed by Youngone Corporation, stands as a symbol of sustainable industrial partnership. It employs more than 70,000 workers and generates around USD 1.25 billion in annual exports.

Ambassador Park praised Youngone’s Blue & Green Initiative, which transformed barren land into a lush industrial ecosystem with three million trees and Bangladesh’s largest rooftop solar project, producing 37 megawatts of clean energy.

The company’s CSR programmes include a 100-bed medical complex, a fashion and textile institute, and scholarships for local students, focusing on women’s empowerment and community development.

“Youngone’s dedication to sustainability and social responsibility embodies the spirit of inclusive growth,” the envoy said.

Representatives from Dohwa Engineering, LG, Woori Bank, and Samsung Electronics and R&D also attended the event, reaffirming Korea’s long-term commitment to Bangladesh’s economic and sustainable development journey.