Standard Chartered holds event to encourage more trade with Korea

Stakeholders from the private sector, think-tanks and government came together to discuss actions that can be taken to promote and drive Korean business activity in Bangladesh at a dialogue which was recently organised in Dhaka.

Standard Chartered Bangladesh (SCB), the Embassy of the Republic of Korea to Bangladesh, the Bangladesh Investment Development Authority (Bida), Bangladesh Bank, and Korea-Bangladesh Chamber of Commerce & Industries organised the event on the topic "Thrive in Bangladesh: Actionable insights and solutions for Korean businesses", according to a press release.

The event focused on driving collaboration and facilitating the development of infrastructure, trade, investment flow, and sustainable finance.

The dialogue addressed the concerns that Korean investors have with the goal of improving the business climate in Bangladesh.

Naser Ezaz Bijoy, chief executive officer of SCB, said: "As the fourth largest source of foreign direct investment for Bangladesh, South Korea makes significant contributions, particularly in trade, investment, landmark infrastructure projects, and manufacturing."

Park Young-sik, ambassador of the Republic of Korea to Bangladesh, stated: "While Bangladesh offers competitive labour costs, technology is increasingly important. To attract foreign investors, Bangladesh must improve its business climate."

Mohsina Yasmin, executive member (Investment Promotion) of Bida, said that investors were using Bida's online one-stop service portal, which offers 124 services from 41 agencies.

Samsoo Kim, director general, Korea Trade-Investment Promotion Agency, said: "To attract more Korean investment in manufacturing, it is crucial to simplify public laws, streamline accounting and tax processes, and ensure consistent tax regulation application."

Abu Saleh Mohammad Shahab Uddin, director of the foreign exchange investment department at the Bangladesh Bank, Enamul Huque, managing director and head of corporate coverage, corporate and investment banking, at SCB, and other officials and businesspeople were also present.