Bangladesh has to survive in competition to improve economy

Korean Ambassador in a reception in Metropolitan Chamber of Commerce in Chittagong

Mr. Lee Yun-young, Korean Ambassador in Bangladesh said that Bangladesh has to survive in the huge competition in Asian business market to improve in economy, it’s a high time to make a good image of Bangladesh in the world market. The meeting was held in the metropolitan chamber office, chaired by the Director of Chamber.  Ambassador was welcomed with flowers and crest in the meeting.

Korea started investing in Bangladesh since 1970, as Daewoo invested in the garment industry from 1970 and till now Korea is the biggest investor in the garments sector of Bangladesh. Korea is the largest foreign investor in Bangladesh, Around 210 Korean Company is working in Bangladesh and it made 1 Lakh 80 thousand job opportunities for Bangladeshi People. Korea is one of the three largest investing countries in Asia. Korea is also one of the largest importing countries in the world though the import from Bangladesh is really low, Said Lee Yun-young, Korean Ambassador in a reception yesterday at Metropolitan Chamber of Commerce & Industry, Chittagong. Md. Abdul Awal, Director of Metropolitan Chamber, Aminuzzaman Bhuiyan, Hazi M A Malek, Professor Jahangir Chowdhury, Md. Mohsin, Vice President of PHP Group, Md. Riyad Ali, Honorary consul of the Republic of Korea & Mr. Joon Ho Bae, First Secretary of the Embassy were present in the reception. Editor of Daily Azadi, M A Malek said that, Chittagong is the perfect place to invest, there are huge investors of Korea in Bangladesh as well as Bangladeshi people also go to Korea for various purpose but they face problem with language so Chittagong needs a Korean language centre. He also said that Korea is a good friend of Bangladesh as many job opportunities have been created by the Korean investors in Bangladesh like KEPZ. The Editor hopes that this relation will continue. Korean Ambassador said that if Bangladesh can utilize its human power, it has a good chance to export more to Korea. He also said that, Korea has been developing its technology by improving infrastructure and efficiency. In the last year Korea exported $10 billion valued cell phone to world market, Korea will keep improving its technology. Bangladesh is ranked 2^nd in the world market in readymade garments though there are some negative views after Rana Plaza Collapsing but positive views will take this industry further. He also requested to improve the work environment in garment industry so that Korean people will be interested to invest rather investing in Vietnam, Cambodia, Myanmar, around 14,000 Bangladeshi people working in Korea and they are earning 1.5 to 2k US Dollar per month which is much better than working in any other country. Talking about the investment in Bangladesh Ambassador said that to invest more in Bangladesh we are doing feasibility study. Bangladesh can establish itself in world market by using its ability then all developed country including Korea won’t hesitate to invest in Bangladesh.

Ambassador said that Korea is not only investing in Bangladesh but also making job opportunities for Bangladeshi people in Korea by taking few thousand labors from Bangladesh every year, it will strengthen our friendly relationship. KEPZ made big job opportunities as well as exporting, it’s a positive side for Bangladesh economy.  Director Mr. Awal said that this kind of meeting will further strengthen mutual understanding between Korea and Bangladesh and as Chittagong is an important business city, Metropolitan Chamber can help both countries people to invest more and in doing business.

Md. Mohsin, Vice President of PHP group said that, we need to improve communication and direct travel between two countries in Air, Sea and tourism.