Updated on : 13-02-2018
Korean tech giants Samsung and LG Electronics will manufacture a wide range of products in Bangladesh, says Commerce Minister Tofail Ahmed.
“South Korea is planning huge investments for Bangladesh,” he said in a statement issued after his meeting with Ambassador Ahn Seong-doo at the Secretariat on Monday.
“Besides the Korean Export Processing Zone, South Korea is planning to invest in special economic zones announced by Prime Minister Sheikh Hasina.”
Trade with the East Asian nation stands at $1.5 billion, said the commerce minister. “South Korea feels it is more profitable to export products made in Bangladeshi factories.”
In fiscal 2016-17, Bangladesh has fetched $238 million in exports to South Korea, and imported goods worth $1.27 billion.
South Korea allows duty and quota-free entry for a range of Bangladeshi products, said Tofail.
“Both governments are working to clear trade hurdles to make this benefit available. Two-way trade will be boosted to reduce trade gap.”
|Registration of companies to be done fully thru online from Dec: Senior Secretary of the Ministry of Commerce Tapan Kanti Ghosh
|20 to get 'President's Award for Industrial Development'
|List and destination of 10 major exportable products from Bangladesh in FY 2023-24.
|Commerce Minister has invited foreign businessmen including the European Union to invest in Bangladesh
|Bangladesh wants to achieve the export target of three hundred billion dollars-Commerce Minister