Bangladesh-South Korea Relations in 2023: Problems and Directions

The calendar year 2023 unfolds as a major chapter marked by profound companionship and collaborative endeavors concerning Bangladesh and South Korea. This interval stands out as a testament to the power and depth of their diplomatic ties and joint initiatives. The spirit of mutual cooperation and shared aims that define the bilateral interactions amongst these two nations have been showcased through the yr by the two states. Towards the sophisticated backdrop of world-wide geopolitics, the emphasis on companionship demonstrates a devoted motivation to fostering strong, amicable ties concerning Bangladesh and South Korea. This dedication is further enriched by the narrative of collaboration, symbolizing joint efforts and synergies in addressing shared problems and pursuing popular targets. No matter whether in financial partnerships, cultural exchanges, or diplomatic engagements, the overarching topic of 2023 underscores the significance of unity and collaboration in navigating the complexities of their interconnected marriage. As both nations try for common ground and shared methods, the year unfolds as a poignant reflection of their collective pursuit of harmony and shared prosperity on the global phase.

In May 1972, Korea formally acknowledged the newly impartial Bangladesh, major to the institution of diplomatic relations concerning the two nations on December 18, 1973. Considering the fact that then, Bangladesh and the Republic of Korea (ROK) have fostered heat and lively bilateral ties. The ROK set up its diplomatic mission on March 1, 1975, even though Bangladesh opened its resident diplomatic mission in Seoul on February sixteen, 1987. In excess of the several years, both equally countries have relished helpful relations, collaborating in many fields, which includes financial state, lifestyle, politics, garment field, electronics, growth cooperation, and human trade. South Korea, recognizing Bangladesh’s enhancing expenditure surroundings and growing sector base, is considering the involvement of main Korean corporations these types of as Samsung and Hyundai in building, engineering, electronics, and automotive sectors. With an expenditure of $one.3 billion, South Korea stands as Bangladesh’s fifth-greatest foreign direct investor, with just about 200 Korean organizations diversifying their investments into infrastructure, energy, and purchaser merchandise. In 2022, the bilateral trade volume amongst the two nations surged to $three.035 billion, a remarkable 38.seventy one% improve from the preceding calendar year. Samsung has founded a production plant in Narsingdi, developing a selection of products and solutions. Also, the Korean EPZ (KEPZ) operates Bangladesh’s most significant one rooftop solar electric power plant, contributing not only to the energy wants of the zone but also integrating with Bangladesh’s nationwide electrical energy grid. South Korea has become a important destination for Bangladeshi human means, with roughly twenty five,000 expatriate personnel and their family members residing there. Given the current governing administration agreement under the employment allow process (EPS), the export of Bangladeshi workers to South Korea is envisioned to improve further more thanks to reduce migration fees.

At the invitation of then President Lee Myung-bak, Primary Minister Sheikh Hasina undertook a stop by to the Republic of Korea from Might 16 to eighteen, 2010. The summit meeting in between Key Minister Sheikh Hasina and Korean President Lee Myung-bak on Might 18, 2010, marked the beginning of a new era in the partnership amongst the two pleasant nations. The check out resulted in the signing of four agreements and MoUs focusing on maximizing cooperation in energy, environmental initiatives, cultural exchanges, and EDCF financial loans. In a reciprocal gesture, Key Minister H.E. Lee-Nak-yon from Korea frequented Bangladesh from July 13 to fifteen, 2019, contributing to the positive momentum in the bilateral marriage. To fortify political ties and facilitate normal dialogues, a standing system of Overseas Place of work Consultations (FOC) led by the Overseas Secretary/Vice Minister has been in procedure due to the fact 2009. The third International Ministry Consultations concerning Bangladesh and the Republic of Korea took position in Dhaka on March 31, 2022.

This temporary overview explores the training course of Bangladesh-South Korea relations in 2023, analyzing critical functions, initiatives, and the shared eyesight for future collaboration. By scrutinizing vital occasions, these types of as the Joint PPP System meeting and bilateral agreements, the examine aims to present insights into the modern facets shaping this enduring partnership. Financial elements, together with trade volumes and significant Korean investments, are analyzed to emphasize the strategic importance of the marriage, particularly in the context of Bangladesh’s developmental aspirations. The research offers a concise and informative overview for policymakers, scientists, and the general public, contributing to a nuanced knowledge of the present state and long run opportunity of Bangladesh-South Korea relations.

2023: A Yr Marked by Companionship and Collaboration

Bangladesh, on the brink of graduating from the Minimum Created Place (LDC) status and with a countrywide goal of becoming a intelligent state by 2041, has been given an expression of interest from Korean Ambassador to Dhaka Park Youthful-Sik. He conveyed Korea’s eagerness to play a critical function in Bangladesh’s infrastructure enhancement, akin to its significant contributions in the All set-Made Garments (RMG) industry. Ambassador Park highlighted the Meghna Bridge Undertaking on the Bhulta-Araihazar-Bancharampur highway (R-203) and the provision of taken care of h2o from the Meghna River to Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) as pivotal assignments presently less than discussion by way of the Joint PPP System Meeting. He instructed that the results of these tasks could provide as a “litmus test” for Korean organizations, most likely paving the way for extra substantial investments. The ambassador shared these sentiments throughout a seminar held on August 23, 2023, commemorating the 50th anniversary of diplomatic relations amongst Korea and Bangladesh. Arranged jointly by the Embassy of the Republic of Korea, the Korea Trade-Expenditure Marketing Agency (Kotra), and the Korea-Bangladesh Chamber of Commerce and Market (KBCCI), the seminar, titled “Korea-Bangladesh Financial Cooperation – Sharing Improvement Working experience and Discovering Options,” emphasised the necessity of revisiting two insurance policies to boost efficiency in the manufacturing sector.

The South Korean local community in Bangladesh orchestrated “Korea Week 2023” from February 25 to March three, 2023, with the goal of boosting economic collaboration and commemorating the fiftieth anniversary of diplomatic relations in between the two nations. Various functions in the course of the 7 days ended up hosted at the International Conference Town Bashundhara (ICCB) and Kurmitola Golf Club in Dhaka, underneath the concept “Stay Sturdy March Together”. South Korean Ambassador to Bangladesh, Lee Jang-keun, expressed the embassy’s motivation, alongside with the Korea-Bangladesh Chamber of Commerce and Market (KBCCI) and other Korea-related businesses, including KOTRA, KOICA, Korea Eximbank, and Type, to efficiently manage several situations under the banner of Korea Week 2023. The objective was to offer a lot more company and enjoyment alternatives to the Bangladeshi organization group and fanatics of Korean tradition.

Highlighting the file-breaking bilateral trade volume that reached $three.four billion in 2022, Ambassador Lee expressed his perseverance to advancing economic relations amongst the two nations around the world. As section of this commitment, “Showcase Korea 2023” was anticipated to engage in a pivotal part in providing ample opportunities for collaboration between enterprises from equally nations. The occasion, scheduled for February twenty five-26, have been to aspect participation from more than forty providers, with LG sponsoring the showcase. The festivities contain the “Kpop Teams Are living Concert” on February twenty five, sponsored by Samsung Galaxy, that includes well-known teams this sort of as “TAN,” “ICU,” and the taekwondo efficiency staff “Nolja”. Also, numerous cultural activities in the course of the week, supported by the Korea Worldwide Cooperation Company (KOICA), offered Korean food items, electronic products, and information and facts about tourism in South Korea to the Bangladeshi audience. To include a sporting contact, the Korea Cup Golf Tournament was scheduled to just take position at the Kurmitola Golfing Club in Dhaka Cantonment on March 1-two, 2023.

Furthermore, South Korean Ambassador to Bangladesh, Park Younger-Sik, expressed Korea’s wish to be a collaborator in Bangladesh’s pursuit of economic prosperity. Speaking at the “Korea Intercontinental Cooperation Company Bangladesh Alumni Night 2023” in conjunction with the KOICA Bangladesh Alumni Affiliation (KBAA) at a city resort on November 23, 2023, Ambassador Park Young-Sik remarked on the shared journey of both equally nations in conquering troubles and attaining financial results. For the duration of the function, the ambassador emphasised that the 50th anniversary of diplomatic relations concerning Korea and Bangladesh was remaining celebrated. In excess of the program of these five decades, cooperation has progressed from early investments in the Prepared-Manufactured Garments (RMG) sector to recent partnerships spanning Info and Conversation Engineering (ICT), infrastructure, strength, training, health care, and manpower. Park Young-Sik underlined Bangladesh’s significance as a critical improvement associate for Korea, citing contributions exceeding $two hundred million in grants and $1.7 billion in concessional financial loans. In addition, a signing of a new Framework Arrangement has laid the groundwork for an supplemental $3 billion in concessional loans from the Economic Development Cooperation Fund (EDCF) for the time period 2023-2027. At this time, South Korea stands as the fourth-most significant contributor to Overseas Direct Financial commitment (FDI) in Bangladesh, with a total stock amounting to USD 1.forty eight billion as of June 2023.

The ambassador expressed self-assurance that Bangladesh, with its unwavering dedication and tricky get the job done, can emulate Korea’s economic accomplishment. Highlighting Bangladesh’s transition from a Least Made Region (LDC) to a building nation, along with its remarkable growth charge, he sees very clear indications that Bangladesh is nicely on track to recognizing the ambitions outlined in “Vision 2041.” The ambassador conveyed his assurance that Korea and Bangladesh would proceed their collaborative journey towards prosperity and a shared foreseeable future. He reiterated Korea’s determination as a steadfast pal, vowing to guidance Bangladesh till it achieves its aspiration of getting to be a designed country by 2041.

In the meantime, the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), the foremost trade group in Bangladesh, and the Korea Importers Affiliation (KOIMA) have solidified their determination to bolster trade and financial investment ties concerning Bangladesh and South Korea by formally signing a MoU. The Senior Vice President of FBCCI, Md. Amin Helaly, and the Chairman of KOIMA, Kim Byung-Kwan, represented their respective companies through the signing ceremony on November six, 2023, held at the Resort InterContinental in the money. FBCCI Senior Vice President Md. Amin Helaly underscored the probable importance of the Memorandum of Comprehension (MoU) in fortifying trade relations between Bangladesh and South Korea. Highlighting the fifty-12 months milestone in bilateral relations, he emphasised the shared history of progress, economic progress, and industrial progress that has brought the two nations jointly. About these five a long time, both of those nations around the world have founded a sturdy foundation for a enduring partnership via high-stage delegations and the signing of numerous MoUs geared to long term development. Bangladesh obtained a noteworthy milestone by surpassing $55 billion in exports for the yr 2022-23. Setting up on this good discourse, endeavours are underway to enhance competitiveness and perform to the purpose of a trillion-dollar economic system, aiming for a target export worth of US$ 300 billion by 2041. He stressed the importance of focusing on sector and products diversification to achieve this bold target.

South Korea has currently acknowledged Bangladesh as an really promising investment spot, and this recognition has led to a considerable enhance in Korean investment, particularly subsequent the institution of a Exclusive Export Processing Zone exclusively for Korean traders. The FBCCI Senior Vice President urged Korean organizations to examine possibilities for joint ventures and subcontracting preparations, emphasizing the importance of collaboration, specifically in the Compact and Medium Organization (SME) sector. Highlighting essential sectors with sizeable possible for Korean corporations, he outlined semiconductors, microchips, hi-tech, plastics, automobile elements, agricultural instruments, ceramic merchandise, and software program, among other individuals. To aid seamless trade, the Senior Vice President urged the countrywide accreditation system of South Korea to engage in a Mutual Recognition Settlement with the Bangladesh Requirements and Testing Institute (BSTI) for accrediting Bangladeshi products and solutions destined for export to Korea. Chairman of the Korea Importers Affiliation (KOIMA), Kim Byung-Kwan, expressed commendation for the current developments in Bangladesh and emphasised the importance of the Memorandum of Being familiar with (MoU). He remarked, “This MoU signifies a significant step to fostering much better trade and investment decision relations in between our two nations around the world. We are excited about the potential it holds for mutual progress and prosperity.”

The fifth Bangladesh-Korea Joint Public-Non-public Partnership (PPP) Platform conference occurred on August twenty, 2023, in Dhaka, Bangladesh, with the goal of speaking about new projects, supplying strategic directives for venture implementation, and checking out funding modalities. The assembly concluded with a dedication from all participants to fortify mutual cooperation and collaborate on the execution of infrastructure assignments in Bangladesh.

Subsequently, on December ten, 2023, the Authorities of Bangladesh and the Republic of Korea formalized the partnership by signing the Record of Dialogue (RoD) and Conditions of Reference (TOR) for the project “Capacity Developing of Statistics Providers based on Platform.” The most important objectives of this undertaking consist of developing an built-in Statistical Information Warehouse, introducing program equipment to boost statistical services, and supporting the vital tools and process environment for the Countrywide Statistical Info Warehouse (NSDWH). In assist of this initiative, KOICA would deliver a grant of US$ 9.sixty five million (approximately 106.fifteen crore) for the profitable implementation of the job. The project also has the objective of formulating a grasp approach aligned with the Countrywide Technique for the Progress of Figures (NSDS) and designing and constructing a Statistical Information Warehouse System. Concurrently, it aims to improve the potential of the Bangladesh Bureau of Statistics (BBS) and its collaborators. On profitable completion, the venture will establish an built-in Central Storage for census and survey info, transforming the BBS into a unified system for statistical data—effectively addressing facts administration problems and augmenting the nationwide statistical ability.

In addition to this venture, the South Korean governing administration outlined strategies to welcome 10,000 Bangladeshi expatriate staff in 2023. The outgoing Korean Ambassador, Lee Jang-keun, shared this details in the course of a farewell simply call to Primary Minister Sheikh Hasina at the Ganabhaban on Could 16, 2023. Notably, the number of Bangladeshi personnel dispatched to Korea below the Work Allow System (EPS) noticed a substantial boost, soaring from close to 1,500 employees until 2021 to 5,891 in 2022, as highlighted by Ambassador Lee Jang-keun.

As 2023 unfolds, Bangladesh and South Korea proceed to fortify their enduring bond, exploring new avenues of cooperation and bolstering present ties. From high-stage diplomatic engagements to collaborative economic initiatives and cultural celebrations, the two nations have demonstrated a shared determination to mutual growth and prosperity. With Bangladesh on the cusp of graduation from Minimum Formulated State standing and South Korea rising as a pivotal player in this transformative journey, the prospective customers for deeper collaboration look promising. The situations and developments in 2023 not only mark a celebration of the earlier 50 decades but also lay the groundwork for an even far more dynamic and fruitful partnership in the a long time to arrive.

[Photo by Jagged 85, via Wikimedia Commons]

*Syed Raiyan Amir is a Exploration Affiliate at the KRF Centre for Bangladesh and World Affairs. He was a Study Assistant at the United Nations Office on Medications and Crime (UNODC) and Worldwide Republican Institute (IRI). The views and thoughts expressed in this article are these of the creator.