KOIMA inks MoU with FBCCI

The Korea Importers Association (KOIMA) recently signed a memorandum of understanding (MoU) with the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in a bid to expand bilateral trade between South Korea and Bangladesh.

Kim Byung-Kwan, chairman of KOIMA, and Md Amin Helaly, acting president of the FBCCI, inked the MoU on behalf of their respective organisations at the InterContinental Dhaka, read a press release.

To commemorate the 50th anniversary of the establishment of diplomatic relations between the two countries, a high-stakes delegation from KOIMA visited Dhaka from November 5 to 6.

During this visit, KOIMA, the only organisation in Korea dedicated exclusively to facilitating imports into the country for the development of its industries, struck the deal to foster bilateral trade between the two countries.

Currently, Korea is the fifth-largest contributor to foreign direct investment (FDI) in Bangladesh, with the most notable recent investment being the expansion of manufacturing industries in automobiles, mobile phones and electronics.

The volume of bilateral trade between Bangladesh and South Korea in 2022 recorded $3.035 billion, an increase of 38.71 percent from last year's $2.188 billion, according to statistics from the Korea International Trade Association.

This MoU between KOIMA and FBCCI is expected to play a significant role in enhancing two-way bilateral trade in the future.

Among others, Tapan Kanti Ghosh, senior secretary to the ministry of commerce, and Park Young-sik, South Korean ambassador to Bangladesh, were present.