Bangladesh-South Korea Relations in 2023: Concerns and Instructions

The year 2023 unfolds as a substantial chapter marked by profound companionship and collaborative endeavors amongst Bangladesh and South Korea. This time period stands out as a testomony to the toughness and depth of their diplomatic ties and joint initiatives. The spirit of mutual cooperation and shared goals that determine the bilateral interactions between these two nations have been showcased throughout the 12 months by the two states. Towards the intricate backdrop of worldwide geopolitics, the emphasis on companionship displays a devoted commitment to fostering powerful, amicable ties in between Bangladesh and South Korea. This commitment is further more enriched by the narrative of collaboration, symbolizing joint endeavours and synergies in addressing shared problems and pursuing frequent targets. No matter if in economic partnerships, cultural exchanges, or diplomatic engagements, the overarching theme of 2023 underscores the significance of unity and collaboration in navigating the complexities of their interconnected partnership. As the two nations try for typical floor and shared answers, the 12 months unfolds as a poignant reflection of their collective pursuit of harmony and shared prosperity on the worldwide stage.

In May 1972, Korea formally acknowledged the freshly independent Bangladesh, major to the institution of diplomatic relations concerning the two nations on December 18, 1973. Considering that then, Bangladesh and the Republic of Korea (ROK) have fostered warm and active bilateral ties. The ROK established up its diplomatic mission on March 1, 1975, even though Bangladesh opened its resident diplomatic mission in Seoul on February 16, 1987. Over the decades, each nations around the world have appreciated pleasant relations, collaborating in many fields, including economy, culture, politics, garment field, electronics, development cooperation, and human exchange. South Korea, recognizing Bangladesh’s strengthening financial investment environment and increasing sector foundation, is contemplating the involvement of main Korean firms this sort of as Samsung and Hyundai in building, engineering, electronics, and automotive sectors. With an financial investment of $1.three billion, South Korea stands as Bangladesh’s fifth-major international direct trader, with practically 200 Korean organizations diversifying their investments into infrastructure, vitality, and shopper items. In 2022, the bilateral trade quantity involving the two nations surged to $three.035 billion, a remarkable 38.71% improve from the former yr. Samsung has recognized a producing plant in Narsingdi, manufacturing a selection of items. In addition, the Korean EPZ (KEPZ) operates Bangladesh’s premier single rooftop solar electrical power plant, contributing not only to the electrical power desires of the zone but also integrating with Bangladesh’s national electricity grid. South Korea has come to be a significant desired destination for Bangladeshi human means, with around twenty five,000 expatriate staff and their family members residing there. Specified the present government agreement beneath the work permit process (EPS), the export of Bangladeshi personnel to South Korea is envisioned to boost more thanks to lessen migration fees.

At the invitation of then President Lee Myung-bak, Prime Minister Sheikh Hasina undertook a visit to the Republic of Korea from May 16 to 18, 2010. The summit meeting between Prime Minister Sheikh Hasina and Korean President Lee Myung-bak on May possibly eighteen, 2010, marked the commencing of a new era in the romantic relationship among the two helpful nations. The check out resulted in the signing of 4 agreements and MoUs concentrating on maximizing cooperation in electrical power, 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 beneficial momentum in the bilateral romance. To fortify political ties and facilitate normal dialogues, a standing system of International Office environment Consultations (FOC) led by the Overseas Secretary/Vice Minister has been in procedure due to the fact 2009. The 3rd Overseas Ministry Consultations amongst Bangladesh and the Republic of Korea took area in Dhaka on March 31, 2022.

This transient overview explores the program of Bangladesh-South Korea relations in 2023, inspecting key activities, initiatives, and the shared vision for potential collaboration. By scrutinizing essential events, these types of as the Joint PPP System meeting and bilateral agreements, the review aims to present insights into the modern facets shaping this enduring partnership. Economic features, such as trade volumes and important Korean investments, are analyzed to emphasize the strategic importance of the relationship, especially in the context of Bangladesh’s developmental aspirations. The examine presents a concise and educational overview for policymakers, scientists, and the general public, contributing to a nuanced comprehending of the present point out and long run possible of Bangladesh-South Korea relations.

2023: A Calendar year Marked by Companionship and Collaboration

Bangladesh, on the brink of graduating from the Minimum Produced Region (LDC) position and with a countrywide purpose of getting a smart nation by 2041, has acquired an expression of desire from Korean Ambassador to Dhaka Park Youthful-Sik. He conveyed Korea’s eagerness to play a crucial role in Bangladesh’s infrastructure enhancement, akin to its considerable contributions in the Ready-Built Garments (RMG) marketplace. Ambassador Park highlighted the Meghna Bridge Task on the Bhulta-Araihazar-Bancharampur street (R-203) and the provision of taken care of h2o from the Meghna River to Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) as pivotal jobs currently less than discussion as a result of the Joint PPP Platform Conference. He suggested that the accomplishment of these initiatives could serve as a “litmus test” for Korean businesses, probably paving the way for a lot more considerable investments. The ambassador shared these sentiments throughout a seminar held on August 23, 2023, commemorating the fiftieth anniversary of diplomatic relations in between Korea and Bangladesh. Structured jointly by the Embassy of the Republic of Korea, the Korea Trade-Investment decision Advertising Company (Kotra), and the Korea-Bangladesh Chamber of Commerce and Business (KBCCI), the seminar, titled “Korea-Bangladesh Economic Cooperation – Sharing Progress Practical experience and Exploring Possibilities,” emphasised the necessity of revisiting two policies to improve efficiency in the manufacturing sector.

The South Korean local community in Bangladesh orchestrated “Korea Week 2023” from February 25 to March 3, 2023, with the intention of boosting economic collaboration and commemorating the 50th anniversary of diplomatic relations concerning the two nations. Various events during the week ended up hosted at the Global Convention Town Bashundhara (ICCB) and Kurmitola Golf Club in Dhaka, beneath the theme “Stay Sturdy March Together”. South Korean Ambassador to Bangladesh, Lee Jang-keun, expressed the embassy’s determination, together with the Korea-Bangladesh Chamber of Commerce and Marketplace (KBCCI) and other Korea-connected businesses, such as KOTRA, KOICA, Korea Eximbank, and Kind, to successfully manage several functions below the banner of Korea 7 days 2023. The aim was to offer extra business and leisure prospects to the Bangladeshi small business group and enthusiasts of Korean culture.

Highlighting the document-breaking bilateral trade volume that attained $3.four billion in 2022, Ambassador Lee expressed his determination to advancing financial relations amongst the two international locations. As element of this commitment, “Showcase Korea 2023” was envisioned to engage in a pivotal position in giving ample possibilities for collaboration amongst enterprises from both nations. The celebration, scheduled for February 25-26, were being to element participation from more than forty organizations, with LG sponsoring the showcase. The festivities include the “Kpop Groups Reside Concert” on February twenty five, sponsored by Samsung Galaxy, showcasing preferred groups this kind of as “TAN,” “ICU,” and the taekwondo general performance workforce “Nolja”. Moreover, different cultural routines during the 7 days, supported by the Korea Intercontinental Cooperation Agency (KOICA), introduced Korean food items, digital merchandise, and facts about tourism in South Korea to the Bangladeshi viewers. To add a sporting touch, the Korea Cup Golfing Tournament was scheduled to choose location at the Kurmitola Golfing Club in Dhaka Cantonment on March one-2, 2023.

In addition, South Korean Ambassador to Bangladesh, Park Young-Sik, expressed Korea’s drive to be a collaborator in Bangladesh’s pursuit of economic prosperity. Speaking at the “Korea Worldwide Cooperation Agency Bangladesh Alumni Evening 2023” in conjunction with the KOICA Bangladesh Alumni Affiliation (KBAA) at a metropolis hotel on November 23, 2023, Ambassador Park Young-Sik remarked on the shared journey of both equally nations in beating troubles and attaining economic success. All through the occasion, the ambassador emphasised that the fiftieth anniversary of diplomatic relations in between Korea and Bangladesh was remaining celebrated. About the program of these 5 many years, cooperation has progressed from early investments in the All set-Made Clothes (RMG) sector to present-day partnerships spanning Information and facts and Communication Technologies (ICT), infrastructure, strength, instruction, health care, and manpower. Park Young-Sik underlined Bangladesh’s importance as a vital advancement spouse for Korea, citing contributions exceeding $200 million in grants and $one.seven billion in concessional loans. In addition, a signing of a new Framework Arrangement has laid the groundwork for an added $three billion in concessional financial loans from the Financial Growth Cooperation Fund (EDCF) for the interval 2023-2027. Now, South Korea stands as the fourth-major contributor to Foreign Immediate Investment (FDI) in Bangladesh, with a whole inventory amounting to USD 1.48 billion as of June 2023.

The ambassador expressed self esteem that Bangladesh, with its unwavering dedication and tricky perform, can emulate Korea’s economic accomplishment. Highlighting Bangladesh’s transition from a Least Designed Nation (LDC) to a establishing country, alongside with its amazing expansion amount, he sees clear indications that Bangladesh is effectively on observe to realizing the plans outlined in “Vision 2041.” The ambassador conveyed his assurance that Korea and Bangladesh would carry on their collaborative journey towards prosperity and a shared long run. He reiterated Korea’s determination as a steadfast good friend, vowing to assistance Bangladesh until finally it achieves its aspiration of turning out to be a formulated nation by 2041.

In the meantime, the Federation of Bangladesh Chambers of Commerce and Sector (FBCCI), the foremost trade firm in Bangladesh, and the Korea Importers Association (KOIMA) have solidified their commitment to bolster trade and financial commitment ties among 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 organizations throughout the signing ceremony on November six, 2023, held at the Lodge InterContinental in the funds. FBCCI Senior Vice President Md. Amin Helaly underscored the probable importance of the Memorandum of Knowing (MoU) in fortifying trade relations involving Bangladesh and South Korea. Highlighting the 50-12 months milestone in bilateral relations, he emphasized the shared history of progress, financial growth, and industrial progress that has introduced the two nations collectively. Around these 5 many years, the two international locations have founded a robust foundation for a enduring partnership by large-amount delegations and the signing of numerous MoUs geared in direction of long run development. Bangladesh attained a noteworthy milestone by surpassing $55 billion in exports for the year 2022-23. Making on this favourable discourse, efforts are underway to improve competitiveness and do the job in direction of the purpose of a trillion-dollar financial state, aiming for a focus on export worth of US$ three hundred billion by 2041. He stressed the value of focusing on sector and solution diversification to achieve this formidable concentrate on.

South Korea has previously acknowledged Bangladesh as an particularly promising expense vacation spot, and this recognition has led to a considerable enhance in Korean investment, significantly following the establishment of a Special Export Processing Zone exclusively for Korean investors. The FBCCI Senior Vice President urged Korean providers to investigate options for joint ventures and subcontracting arrangements, emphasizing the relevance of collaboration, significantly in the Compact and Medium Organization (SME) sector. Highlighting critical sectors with sizeable potential for Korean corporations, he described semiconductors, microchips, hi-tech, plastics, car components, agricultural devices, ceramic items, and software package, amid many others. To aid seamless trade, the Senior Vice President urged the countrywide accreditation overall body of South Korea to engage in a Mutual Recognition Settlement with the Bangladesh Standards and Screening Institute (BSTI) for accrediting Bangladeshi items destined for export to Korea. Chairman of the Korea Importers Affiliation (KOIMA), Kim Byung-Kwan, expressed commendation for the recent developments in Bangladesh and emphasised the significance of the Memorandum of Understanding (MoU). He remarked, “This MoU signifies a important stage in the direction of fostering more robust trade and investment relations in between our two countries. We are energized about the prospective it holds for mutual progress and prosperity.”

The fifth Bangladesh-Korea Joint General public-Non-public Partnership (PPP) Platform assembly happened on August 20, 2023, in Dhaka, Bangladesh, with the goal of speaking about new projects, delivering strategic directives for project implementation, and exploring financing modalities. The conference concluded with a determination from all contributors to reinforce mutual cooperation and collaborate on the execution of infrastructure initiatives in Bangladesh.

Subsequently, on December 10, 2023, the Authorities of Bangladesh and the Republic of Korea formalized the partnership by signing the Record of Discussion (RoD) and Conditions of Reference (TOR) for the challenge “Capacity Developing of Figures Companies based mostly on System.” The primary targets of this task consist of establishing an integrated Statistical Knowledge Warehouse, introducing computer software tools to enrich statistical services, and supporting the important gear and process surroundings for the Nationwide Statistical Details Warehouse (NSDWH). In help of this initiative, KOICA would deliver a grant of US$ 9.sixty five million (around 106.15 crore) for the prosperous implementation of the challenge. The venture also has the aim of formulating a master plan aligned with the Countrywide Approach for the Progress of Studies (NSDS) and developing and setting up a Statistical Information Warehouse System. Concurrently, it aims to increase the potential of the Bangladesh Bureau of Studies (BBS) and its collaborators. Upon effective completion, the task will establish an integrated Central Storage for census and study info, reworking the BBS into a unified platform for statistical data—effectively addressing details management problems and augmenting the nationwide statistical capacity.

In addition to this venture, the South Korean government outlined ideas to welcome ten,000 Bangladeshi expatriate workers in 2023. The outgoing Korean Ambassador, Lee Jang-keun, shared this facts during a farewell call to Prime Minister Sheikh Hasina at the Ganabhaban on May possibly 16, 2023. Notably, the quantity of Bangladeshi personnel dispatched to Korea below the Work Permit Technique (EPS) saw a substantial enhance, rising from about one,500 staff until 2021 to 5,891 in 2022, as highlighted by Ambassador Lee Jang-keun.

As 2023 unfolds, Bangladesh and South Korea go on to fortify their enduring bond, exploring new avenues of cooperation and bolstering current ties. From high-degree diplomatic engagements to collaborative financial initiatives and cultural celebrations, the two nations have demonstrated a shared dedication to mutual development and prosperity. With Bangladesh on the cusp of graduation from Least Developed State position and South Korea rising as a pivotal player in this transformative journey, the potential customers for deeper collaboration appear promising. The occasions and developments in 2023 not only mark a celebration of the past fifty several years but also lay the groundwork for an even far more dynamic and fruitful partnership in the years to come.

[Photo by Jagged 85, via Wikimedia Commons]

*Syed Raiyan Amir is a Study Affiliate at the KRF Heart for Bangladesh and International Affairs. He was a Investigate Assistant at the United Nations Business office on Medicines and Crime (UNODC) and Global Republican Institute (IRI). The sights and thoughts expressed in this article are individuals of the author.