Big firms to tighten Dhaka, Seoul ties: Envoy

South Korean Ambassador to Bangladesh Lee Jang-keun on Saturday said his country is looking at bringing investments of major Korean brands to Bangladesh as the country is improving its investment environment and expanding market base. “Diversification is a real task for me and for our two governments. We’ve to move beyond RMG cooperation. What we see here is that diversification is now happening,” he said after visiting the Fair Electronics Limited factory in Narshingdi.

Members of the Diplomatic Correspondents Association, Bangladesh (DCAB) also visited the factory together with the South Korean Ambassador.

The South Korean envoy said his country is looking at bringing investments of major Korean brands like Samsung, Hyundai and Daewoo to Bangladesh in the areas of construction, engineering, electronics and automobiles .

“So long, our investments were mainly in the readymade garment sector. I think it is about eighty percent. Now we are diversifying our investments and it will continue to go up,” he said.

The South Korean envoy appreciated the business friendly initiatives of the government under the leadership of Prime Minister Sheikh Hasina and noted the important role that the private sector is playing in the country.

He said global big names like Samsung and Hyundai will help attract more companies to come and invest in Bangladesh.

“South Korean companies are eager to invest here because its market is expanding, it has demonstrated sustained economic growth, its labour cost is comparatively lower and the government is improving its policy support,” Lee Jang-keun said.