Bangladesh-South Korea Relations in 2023: Challenges and Instructions

The calendar year 2023 unfolds as a important chapter marked by profound companionship and collaborative endeavors in between Bangladesh and South Korea. This time period stands out as a testament 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 concerning these two nations have been showcased in the course of the yr by the two states. Towards the complicated backdrop of world wide geopolitics, the emphasis on companionship displays a devoted dedication to fostering potent, amicable ties in between Bangladesh and South Korea. This dedication is further more enriched by the narrative of collaboration, symbolizing joint endeavours and synergies in addressing shared problems and pursuing typical targets. Irrespective of whether in financial partnerships, cultural exchanges, or diplomatic engagements, the overarching theme of 2023 underscores the importance of unity and collaboration in navigating the complexities of their interconnected marriage. As both equally nations attempt for popular ground and shared answers, the calendar year unfolds as a poignant reflection of their collective pursuit of harmony and shared prosperity on the intercontinental stage.

In May possibly 1972, Korea formally acknowledged the recently impartial Bangladesh, main to the establishment of diplomatic relations between the two nations on December 18, 1973. Given that then, Bangladesh and the Republic of Korea (ROK) have fostered heat and energetic bilateral ties. The ROK set up its diplomatic mission on March one, 1975, when Bangladesh opened its resident diplomatic mission in Seoul on February 16, 1987. About the years, equally nations have enjoyed helpful relations, collaborating in several fields, such as financial system, society, politics, garment marketplace, electronics, development cooperation, and human trade. South Korea, recognizing Bangladesh’s enhancing financial commitment environment and increasing industry foundation, is contemplating the involvement of important Korean businesses such as Samsung and Hyundai in development, engineering, electronics, and automotive sectors. With an expenditure of $one.3 billion, South Korea stands as Bangladesh’s fifth-biggest overseas immediate trader, with virtually two hundred Korean corporations diversifying their investments into infrastructure, vitality, and purchaser goods. In 2022, the bilateral trade quantity involving the two nations surged to $three.035 billion, a impressive 38.seventy one% maximize from the past 12 months. Samsung has established a producing plant in Narsingdi, producing a array of goods. Furthermore, the Korean EPZ (KEPZ) operates Bangladesh’s largest solitary rooftop solar power plant, contributing not only to the electrical energy desires of the zone but also integrating with Bangladesh’s national electricity grid. South Korea has develop into a significant spot for Bangladeshi human sources, with somewhere around twenty five,000 expatriate staff and their households residing there. Given the present authorities arrangement below the employment permit technique (EPS), the export of Bangladeshi employees to South Korea is predicted to improve more thanks to reduce migration expenditures.

At the invitation of then President Lee Myung-bak, Prime Minister Sheikh Hasina undertook a check out to the Republic of Korea from Could sixteen to 18, 2010. The summit assembly among Primary Minister Sheikh Hasina and Korean President Lee Myung-bak on May possibly eighteen, 2010, marked the beginning of a new era in the romance between the two welcoming nations. The visit resulted in the signing of four agreements and MoUs focusing on maximizing cooperation in electrical power, environmental initiatives, cultural exchanges, and EDCF financial loans. In a reciprocal gesture, Prime Minister H.E. Lee-Nak-yon from Korea frequented Bangladesh from July 13 to fifteen, 2019, contributing to the constructive momentum in the bilateral connection. To fortify political ties and aid typical dialogues, a standing mechanism of International Office environment Consultations (FOC) led by the International Secretary/Vice Minister has been in procedure considering that 2009. The 3rd International Ministry Consultations amongst Bangladesh and the Republic of Korea took location in Dhaka on March 31, 2022.

This brief overview explores the study course of Bangladesh-South Korea relations in 2023, inspecting important events, initiatives, and the shared vision for long run collaboration. By scrutinizing vital functions, this kind of as the Joint PPP System conference and bilateral agreements, the analyze aims to supply insights into the modern facets shaping this enduring partnership. Financial features, such as trade volumes and significant Korean investments, are analyzed to emphasize the strategic importance of the marriage, specifically in the context of Bangladesh’s developmental aspirations. The review offers a concise and enlightening overview for policymakers, researchers, and the general public, contributing to a nuanced being familiar with of the current condition and potential opportunity of Bangladesh-South Korea relations.

2023: A 12 months Marked by Companionship and Collaboration

Bangladesh, on the brink of graduating from the Least Formulated Region (LDC) standing and with a national objective of becoming a smart state by 2041, has obtained an expression of curiosity from Korean Ambassador to Dhaka Park Young-Sik. He conveyed Korea’s eagerness to engage in a vital part in Bangladesh’s infrastructure improvement, akin to its significant contributions in the Ready-Made Garments (RMG) marketplace. Ambassador Park highlighted the Meghna Bridge Task on the Bhulta-Araihazar-Bancharampur street (R-203) and the provision of dealt with water from the Meghna River to Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) as pivotal initiatives at present less than discussion by way of the Joint PPP Platform Assembly. He advised that the achievements of these jobs could provide as a “litmus test” for Korean firms, probably paving the way for more significant investments. The ambassador shared these sentiments during a seminar held on August 23, 2023, commemorating the 50th anniversary of diplomatic relations among Korea and Bangladesh. Organized jointly by the Embassy of the Republic of Korea, the Korea Trade-Expenditure Promotion Company (Kotra), and the Korea-Bangladesh Chamber of Commerce and Marketplace (KBCCI), the seminar, titled “Korea-Bangladesh Economic Cooperation – Sharing Enhancement Practical experience and Discovering Alternatives,” emphasised the necessity of revisiting two policies to improve productivity in the producing sector.

The South Korean neighborhood in Bangladesh orchestrated “Korea Week 2023” from February twenty five to March three, 2023, with the purpose of boosting economic collaboration and commemorating the 50th anniversary of diplomatic relations among the two nations. Different occasions in the course of the week have been hosted at the Intercontinental Conference City Bashundhara (ICCB) and Kurmitola Golfing Club in Dhaka, beneath the topic “Stay Robust March Together”. South Korean Ambassador to Bangladesh, Lee Jang-keun, expressed the embassy’s commitment, alongside with the Korea-Bangladesh Chamber of Commerce and Market (KBCCI) and other Korea-relevant businesses, including KOTRA, KOICA, Korea Eximbank, and Type, to correctly manage several gatherings under the banner of Korea 7 days 2023. The aim was to offer more enterprise and leisure alternatives to the Bangladeshi business enterprise neighborhood and enthusiasts of Korean culture.

Highlighting the record-breaking bilateral trade quantity that achieved $3.four billion in 2022, Ambassador Lee expressed his dedication to advancing financial relations involving the two nations. As element of this dedication, “Showcase Korea 2023” was predicted to perform a pivotal position in supplying enough alternatives for collaboration concerning businesses from the two nations. The function, scheduled for February twenty five-26, were to element participation from above 40 firms, with LG sponsoring the showcase. The festivities consist of the “Kpop Groups Reside Concert” on February twenty five, sponsored by Samsung Galaxy, showcasing well-known teams this kind of as “TAN,” “ICU,” and the taekwondo efficiency workforce “Nolja”. In addition, different cultural actions during the week, supported by the Korea International Cooperation Agency (KOICA), introduced Korean food, digital products, and details about tourism in South Korea to the Bangladeshi viewers. To insert a sporting contact, the Korea Cup Golfing Tournament was scheduled to get spot at the Kurmitola Golfing Club in Dhaka Cantonment on March 1-two, 2023.

Moreover, South Korean Ambassador to Bangladesh, Park Younger-Sik, expressed Korea’s motivation to be a collaborator in Bangladesh’s pursuit of financial prosperity. Talking at the “Korea International Cooperation Company Bangladesh Alumni Evening 2023” in conjunction with the KOICA Bangladesh Alumni Association (KBAA) at a town hotel on November 23, 2023, Ambassador Park Young-Sik remarked on the shared journey of both nations in beating problems and attaining financial results. Throughout the event, the ambassador emphasised that the 50th anniversary of diplomatic relations among Korea and Bangladesh was remaining celebrated. More than the system of these 5 decades, cooperation has evolved from early investments in the Prepared-Produced Clothes (RMG) sector to present-day partnerships spanning Data and Interaction Technologies (ICT), infrastructure, electrical power, schooling, health care, and manpower. Park Younger-Sik underlined Bangladesh’s significance as a important enhancement husband or wife for Korea, citing contributions exceeding $two hundred million in grants and $1.seven 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 financial loans from the Economic Enhancement Cooperation Fund (EDCF) for the period 2023-2027. At present, South Korea stands as the fourth-biggest contributor to Foreign Direct Expenditure (FDI) in Bangladesh, with a total stock amounting to USD one.forty eight billion as of June 2023.

The ambassador expressed self-confidence that Bangladesh, with its unwavering dedication and tough function, can emulate Korea’s financial accomplishment. Highlighting Bangladesh’s transition from a Least Created Place (LDC) to a establishing country, alongside with its extraordinary growth level, he sees very clear indications that Bangladesh is properly on observe to noticing the plans outlined in “Vision 2041.” The ambassador conveyed his assurance that Korea and Bangladesh would go on their collaborative journey toward prosperity and a shared foreseeable future. He reiterated Korea’s motivation as a steadfast mate, vowing to assist Bangladesh right until it achieves its aspiration of getting a created country by 2041.

In the meantime, the Federation of Bangladesh Chambers of Commerce and Business (FBCCI), the foremost trade business in Bangladesh, and the Korea Importers Affiliation (KOIMA) have solidified their perseverance to bolster trade and investment ties amongst 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 corporations throughout the signing ceremony on November six, 2023, held at the Lodge InterContinental in the money. FBCCI Senior Vice President Md. Amin Helaly underscored the likely significance of the Memorandum of Knowing (MoU) in fortifying trade relations in between Bangladesh and South Korea. Highlighting the 50-year milestone in bilateral relations, he emphasized the shared history of development, economic growth, and industrial development that has introduced the two nations alongside one another. In excess of these five a long time, the two nations around the world have founded a robust basis for a enduring partnership by way of higher-level delegations and the signing of a lot of MoUs geared towards future progress. Bangladesh reached a noteworthy milestone by surpassing $55 billion in exports for the year 2022-23. Making on this optimistic discourse, initiatives are underway to enhance competitiveness and operate to the target of a trillion-dollar economy, aiming for a concentrate on export value of US$ 300 billion by 2041. He pressured the value of concentrating on marketplace and solution diversification to achieve this ambitious focus on.

South Korea has by now acknowledged Bangladesh as an particularly promising financial commitment desired destination, and this recognition has led to a considerable boost in Korean financial commitment, specially subsequent the institution of a Unique Export Processing Zone exclusively for Korean traders. The FBCCI Senior Vice President urged Korean businesses to discover prospects for joint ventures and subcontracting preparations, emphasizing the great importance of collaboration, specially in the Modest and Medium Organization (SME) sector. Highlighting vital sectors with considerable potential for Korean businesses, he pointed out semiconductors, microchips, hi-tech, plastics, car pieces, agricultural instruments, ceramic products and solutions, and software program, amid other individuals. To aid seamless trade, the Senior Vice President urged the countrywide accreditation overall body of South Korea to interact in a Mutual Recognition Agreement with the Bangladesh Specifications and Tests Institute (BSTI) for accrediting Bangladeshi goods destined for export to Korea. Chairman of the Korea Importers Association (KOIMA), Kim Byung-Kwan, expressed commendation for the the latest developments in Bangladesh and emphasised the significance of the Memorandum of Comprehending (MoU). He remarked, “This MoU signifies a considerable step toward fostering much better trade and financial investment relations concerning our two countries. We are psyched about the possible it retains for mutual progress and prosperity.”

The fifth Bangladesh-Korea Joint Public-Private Partnership (PPP) Platform assembly occurred on August 20, 2023, in Dhaka, Bangladesh, with the aim of discussing new jobs, supplying strategic directives for challenge implementation, and exploring funding modalities. The meeting concluded with a motivation from all contributors to boost mutual cooperation and collaborate on the execution of infrastructure tasks in Bangladesh.

Subsequently, on December 10, 2023, the Govt of Bangladesh and the Republic of Korea formalized the partnership by signing the History of Discussion (RoD) and Terms of Reference (TOR) for the task “Capacity Constructing of Figures Services based mostly on Platform.” The main objectives of this project include things like creating an integrated Statistical Info Warehouse, introducing application instruments to greatly enhance statistical products and services, and supporting the needed products and technique atmosphere for the Countrywide Statistical Knowledge Warehouse (NSDWH). In assistance of this initiative, KOICA would give a grant of US$ 9.sixty five million (roughly 106.fifteen crore) for the productive implementation of the challenge. The task also has the objective of formulating a master system aligned with the Nationwide System for the Growth of Data (NSDS) and coming up with and constructing a Statistical Facts Warehouse System. Concurrently, it aims to enhance the capacity of the Bangladesh Bureau of Figures (BBS) and its collaborators. On successful completion, the job will set up an built-in Central Storage for census and survey knowledge, transforming the BBS into a unified system for statistical data—effectively addressing information administration difficulties and augmenting the countrywide statistical potential.

In addition to this job, the South Korean governing administration outlined options to welcome 10,000 Bangladeshi expatriate employees in 2023. The outgoing Korean Ambassador, Lee Jang-keun, shared this information for the duration of a farewell connect with to Primary Minister Sheikh Hasina at the Ganabhaban on May well 16, 2023. Notably, the number of Bangladeshi workers dispatched to Korea beneath the Employment Allow Procedure (EPS) observed a considerable enhance, soaring from close to 1,five hundred personnel until 2021 to 5,891 in 2022, as highlighted by Ambassador Lee Jang-keun.

As 2023 unfolds, Bangladesh and South Korea continue to fortify their enduring bond, discovering new avenues of cooperation and bolstering existing ties. From high-degree diplomatic engagements to collaborative economic initiatives and cultural celebrations, the two nations have demonstrated a shared dedication to mutual expansion and prosperity. With Bangladesh on the cusp of graduation from Minimum Produced Place status and South Korea rising as a pivotal player in this transformative journey, the prospects for deeper collaboration seem promising. The functions and developments in 2023 not only mark a celebration of the earlier 50 yrs but also lay the groundwork for an even more dynamic and fruitful partnership in the several years to occur.

[Photo by Jagged 85, via Wikimedia Commons]

*Syed Raiyan Amir is a Research Affiliate at the KRF Middle for Bangladesh and Global Affairs. He was a Exploration Assistant at the United Nations Business office on Medication and Criminal offense (UNODC) and Worldwide Republican Institute (IRI). The views and thoughts expressed in this short article are all those of the writer.