The Commerce Minister called on South Korea to provide duty-free trade facilities

News Desk: Commerce Minister Tipu Munshi has called on South Korea to provide duty-free trade facilities to its exports. He said, "South Korea is a friend of Bangladesh. Trade relations between the two countries are long-standing. Meanwhile, many businesses are working in Bangladesh. There is a huge demand for many South Korean products in Bangladesh.

There is significant investment here in South Korea, there is an opportunity to increase this investment. This will benefit both countries. The minister made the remarks while exchanging views with South Korean Ambassador to Bangladesh Lee Jangkeun at the Secretariat on Wednesday (February 10th). The Commerce Minister said, "South Korea is also a partner in Bangladesh's development activities." Besides producing readymade garments and electronic products, they are also playing an important role in the construction work in Bangladesh.

There is a lot of opportunity to increase trade and investment between the two countries. It is possible to take advantage of this opportunity if both countries take the initiative. South Korea is offering duty-free trade to developing countries. Bangladesh is also going to become a developing country. If South Korea provides duty free trade facility to Bangladesh, exports will increase and trade gap between the two countries will decrease. Bangladesh is trying to increase exports to South Korea. At the same time, the South Korean ambassador said, "Bangladesh is a friend of South Korea and a big business partner."

There are many South Korean businesses and investments in Bangladesh. South Korea is contributing to the development activities of Bangladesh. There are a lot of opportunities to increase trade and investment in Bangladesh, South Korea wants to take advantage of this opportunity. South Korea is implementing KPZ in Chittagong, there is huge investment here.

South Korea is working to increase investment in Bangladesh. Praising Bangladesh's response to the Covid-19 situation, the ambassador said, "South Korea is on Bangladesh's side in the situation." It may be mentioned that in the last 2018-2019 financial year, Bangladesh exported goods worth 360.64 million US dollars to South Korea, at the same time imported goods worth 1315.25 million US dollars.

The concerned people said that the trade between the two countries will increase further in the future. Additional Secretary of the Ministry of Commerce (Exports) said. Hafizur Rahman and Director General of the WTO Cell (Additional Secretary) said. Hafizur Rahman was present.