BM Desk: Bangladesh and South Korea have agreed to finalize the Comprehensive Economic Partnership Agreement (CEPA) soon, aiming to take their bilateral economic relations to a new height.

On Thursday (October 23), Bangladesh Investment Development Authority (BIDA) Public Relations Officer Prashanta Kumar Mondal shared the information. He said that during a meeting in Seoul, BIDA Executive Chairman Ashiq Chowdhury and South Korean Trade Minister Yeo Han-Koo described the CEPA as a timely and strategic initiative.

According to a BIDA press release about the meeting, both sides stated that the agreement would open new avenues for investment and trade cooperation as Bangladesh prepares to graduate from the Least Developed Country (LDC) category. The meeting also reached a consensus on several issues to further strengthen trade, investment, and institutional cooperation between the two countries.

Ashiq Chowdhury said, “We held direct discussions with Korean investors. We have already started working to make customs, remittance, and taxation systems simpler, faster, and more modern based on their feedback. Through the implementation of BIDA’s 32-point Investment Climate Reform Agenda, initiatives have been taken to address these challenges under the supervision of the Chief Adviser’s Office.”

South Korean Trade Minister Yeo Han-Koo praised Bangladesh’s progress, saying, “Bangladesh is moving forward rapidly. Its advancement in modern manufacturing and service sectors is truly commendable. We are eager to be a partner in this development journey.”

During the meeting, the BIDA Chairman invited the South Korean Trade Minister to visit Bangladesh. He said, “We want Korean business delegations to visit Bangladesh and see firsthand the real changes we have brought in infrastructure, digital services, and business reforms.”

Currently, South Korea’s total investment in Bangladesh amounts to about USD 1.56 billion, with more than 150 Korean companies operating in the country. As a result, South Korea is now Bangladesh’s fifth-largest foreign investor.

A Bangladeshi delegation led by Ashiq Chowdhury is currently visiting South Korea and will stay until October 25. During the visit, the team participated in an investment seminar titled “Gateway to Growth: Invest in Bangladesh” held in Seoul on October 21, which was attended by over 150 Korean investors. With technical assistance from IFC Bangladesh, the delegation also held multiple government-to-business (G2B) meetings with leading Korean industrial groups.