Korean envoy stresses on quality economic growth in Bangladesh

Business Desk :

Korean Ambassador to Bangladesh Park Young Sik on Sunday urged Bangladesh to improve its business climate and focus on quality-driven growth, as the country moves toward graduating from Least Developed Country (LDC) status and seeks to attract more foreign investment.
“Bangladesh should focus not just on the quantity, but on the quality of its economic growth,” the ambassador said while addressing the “Korea-Bangladesh Investment Seminar” at a city hotel here, reports, BSS.
He underscored the need for reforms in tariff structures, visa policies for foreign investors, and customs procedures to foster an investment-friendly climate.
“If domestic production costs remain higher than those of imported goods, foreign companies do not feel the real necessity of investing in Bangladesh,” Park observed.
Organized by the Foreign Investors’ Chamber of Commerce & Industry (FICCI), the seminar brought together stakeholders from both nations to explore avenues for enhancing bilateral economic ties.
Commerce Secretary Mahbubur Rahman attended the event as the chief guest, while FICCI Vice-President Yasir Azman and Executive Director Nurul Kabir moderated the session.
Ambassador Park expressed optimism about the future of Korea-Bangladesh relations and highlighted the role Korean companies have played, especially in the readymade garment (RMG) sector.
“Over the last 50 years, collaboration in the RMG sector has been a driving force behind our bilateral relations,” he said.