Biz-Econ

Yunus seeks greater S Korean investment, workforce collaboration

Chief Adviser Professor Muhammad Yunus on Monday encouraged South Korea to increase investment in Bangladesh and consider hiring more Bangladeshi workers, particularly in the shipbuilding industry, for mutual growth and benefits. 

Professor Yunus made the appeal during a meeting with South Korean Ambassador Park Young-sik at his office in Tejgaon, Dhaka.

“We look forward to broadening our relationship with South Korea and taking it to new heights,” Professor Yunus told the ambassador, emphasizing the potential for enhanced collaboration between the two countries.

Ambassador Park expressed concern over recent developments in the Korean peninsula, noting North Korea’s deployment of troops in the Russia-Ukraine conflict and its recent ballistic missile test. In response, the Chief Adviser underscored Bangladesh’s support for peace and stability in the Korean peninsula.

Highlighting South Korea’s interest in Bangladesh’s labor market, Ambassador Park conveyed that many South Korean companies were eager to invest further in Bangladesh, buoyed by improvements in the country’s business climate. He also mentioned South Korea’s specific interest in recruiting Bangladeshi workers for its shipbuilding industry. “Many South Korean companies are already operating RMG factories in Bangladesh’s specialised economic zones,” he added.

Ambassador Park emphasised that Bangladesh is currently the largest recipient of South Korea’s Economic Development Cooperation Fund (EDCF), making it a key partner in development. With a total ODA loan of $3 billion supporting 34 projects, EDCF has another 14 ongoing or feasibility-phase projects in Bangladesh, which is expected to raise Korean investments to $7 billion.

“We hope to continue our projects without any interruptions,” the ambassador said. Reflecting on Korea’s own history as a former recipient of development aid, he added, “Just 50 years ago, Korea was an ODA recipient. We understand the challenges Bangladesh faces and believe we can be valuable partners by sharing our development experience.”

Ambassador Park also emphasised the need for an early negotiation of an Economic Partnership Agreement (EPA) between Bangladesh and South Korea to facilitate trade and investment.

The Chief Adviser expressed his gratitude for South Korea’s consistent support in various sectors. Principal Coordinator for Sustainable Development Goals (SDGs) Affairs Lamiya Morshed and Economic Relations Division Secretary Md Shahriar Kader Siddiky were present at the meeting.