SEOUL, October 23 (AJP) - South Korea and Bangladesh are moving to strengthen economic cooperation as Dhaka prepares to transition from least-developed country (LDC) status, officials here said Thursday.
South Korean Trade Minister Yeo Han-gu met with Chowdhury Asik Mahmud Bin Harun, chairman of the Bangladesh Investment Development Authority, in Seoul to discuss ways to expand bilateral trade and investment , according to the Ministry of Trade, Industry and Energy.
Yeo underscored Bangladesh’s potential as a key economic partner and reviewed progress on negotiations for a Comprehensive Economic Partnership Agreement (CEPA) — a bilateral trade deal aimed at facilitating market access and industrial collaboration. He expressed hope for “meaningful progress” before Bangladesh’s formal graduation from the United Nations’ LDC category.
Both sides noted the complementary nature of their economies — Bangladesh’s young labor force and resource base alongside South Korea’s advanced manufacturing and technology capabilities — and agreed to broaden cooperation in manufacturing, infrastructure, and industrial development.
Yeo also raised concerns voiced by South Korean firms operating in Bangladesh, citing customs delays, inconsistent product classifications, and complex licensing procedures as persistent obstacles to investment. He urged Dhaka to address these issues to create a more stable business environment.
In a statement, the ministry said Seoul remains committed to strengthening institutional frameworks to boost trade and industrial ties not only with Bangladesh but across the broader South Asian region.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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