Bangladesh-South Korea Relations in 2023: Issues and Instructions

The 12 months 2023 unfolds as a significant chapter marked by profound companionship and collaborative endeavors involving Bangladesh and South Korea. This period of time stands out as a testomony to the toughness and depth of their diplomatic ties and joint initiatives. The spirit of mutual cooperation and shared objectives that determine the bilateral interactions in between these two nations have been showcased all through the 12 months by the two states. From the intricate backdrop of global geopolitics, the emphasis on companionship displays a dedicated determination to fostering robust, amicable ties amongst Bangladesh and South Korea. This dedication is additional enriched by the narrative of collaboration, symbolizing joint efforts and synergies in addressing shared troubles and pursuing widespread aims. Whether or not in financial partnerships, cultural exchanges, or diplomatic engagements, the overarching topic of 2023 underscores the importance of unity and collaboration in navigating the complexities of their interconnected connection. As the two nations attempt for typical floor and shared solutions, the calendar year unfolds as a poignant reflection of their collective pursuit of harmony and shared prosperity on the worldwide phase.

In Could 1972, Korea formally acknowledged the recently independent Bangladesh, foremost to the establishment of diplomatic relations between the two nations on December 18, 1973. Since then, Bangladesh and the Republic of Korea (ROK) have fostered warm and lively bilateral ties. The ROK established up its diplomatic mission on March 1, 1975, although Bangladesh opened its resident diplomatic mission in Seoul on February sixteen, 1987. Above the a long time, both of those international locations have appreciated friendly relations, collaborating in numerous fields, which include economy, culture, politics, garment field, electronics, growth cooperation, and human exchange. South Korea, recognizing Bangladesh’s improving upon investment natural environment and expanding marketplace foundation, is thinking about the involvement of big Korean firms this kind of as Samsung and Hyundai in design, engineering, electronics, and automotive sectors. With an financial commitment of $one.three billion, South Korea stands as Bangladesh’s fifth-premier foreign immediate investor, with almost 200 Korean businesses diversifying their investments into infrastructure, energy, and purchaser products. In 2022, the bilateral trade volume amongst the two nations surged to $3.035 billion, a exceptional 38.71% maximize from the past calendar year. Samsung has established a production plant in Narsingdi, developing a range of products. Also, the Korean EPZ (KEPZ) operates Bangladesh’s major one rooftop photo voltaic electricity plant, contributing not only to the electrical energy wants of the zone but also integrating with Bangladesh’s national electrical energy grid. South Korea has turn out to be a substantial vacation spot for Bangladeshi human means, with around 25,000 expatriate staff and their family members residing there. Specified the existing govt settlement beneath the employment allow process (EPS), the export of Bangladeshi employees to South Korea is anticipated to improve further more due to lessen migration costs.

At the invitation of then President Lee Myung-bak, Primary Minister Sheikh Hasina undertook a go to to the Republic of Korea from Might sixteen to 18, 2010. The summit conference amongst Key Minister Sheikh Hasina and Korean President Lee Myung-bak on Could eighteen, 2010, marked the beginning of a new era in the relationship among the two pleasant nations. The visit resulted in the signing of four agreements and MoUs concentrating on improving cooperation in electrical power, environmental initiatives, cultural exchanges, and EDCF loans. In a reciprocal gesture, Prime Minister H.E. Lee-Nak-yon from Korea visited Bangladesh from July 13 to fifteen, 2019, contributing to the positive momentum in the bilateral romantic relationship. To fortify political ties and aid frequent dialogues, a standing system of International Workplace Consultations (FOC) led by the International Secretary/Vice Minister has been in procedure considering that 2009. The third Overseas Ministry Consultations between Bangladesh and the Republic of Korea took place in Dhaka on March 31, 2022.

This temporary overview explores the program of Bangladesh-South Korea relations in 2023, analyzing critical gatherings, initiatives, and the shared eyesight for upcoming collaboration. By scrutinizing essential occasions, this kind of as the Joint PPP Platform assembly and bilateral agreements, the analyze aims to supply insights into the contemporary facets shaping this enduring partnership. Economic factors, like trade volumes and significant Korean investments, are analyzed to emphasize the strategic importance of the romance, significantly in the context of Bangladesh’s developmental aspirations. The review delivers a concise and informative overview for policymakers, researchers, and the public, contributing to a nuanced knowing of the existing state and potential possible of Bangladesh-South Korea relations.

2023: A Calendar year Marked by Companionship and Collaboration

Bangladesh, on the brink of graduating from the Least Produced Country (LDC) status and with a countrywide objective of getting a smart state by 2041, has obtained an expression of fascination from Korean Ambassador to Dhaka Park Young-Sik. He conveyed Korea’s eagerness to participate in a essential job in Bangladesh’s infrastructure improvement, akin to its significant contributions in the Completely ready-Built Garments (RMG) field. Ambassador Park highlighted the Meghna Bridge Job on the Bhulta-Araihazar-Bancharampur road (R-203) and the provision of taken care of h2o from the Meghna River to Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) as pivotal jobs presently beneath dialogue via the Joint PPP System Meeting. He suggested that the accomplishment of these tasks could provide as a “litmus test” for Korean companies, likely paving the way for far more considerable investments. The ambassador shared these sentiments in the course of a seminar held on August 23, 2023, commemorating the fiftieth anniversary of diplomatic relations among Korea and Bangladesh. Structured jointly by the Embassy of the Republic of Korea, the Korea Trade-Investment Marketing Agency (Kotra), and the Korea-Bangladesh Chamber of Commerce and Sector (KBCCI), the seminar, titled “Korea-Bangladesh Financial Cooperation – Sharing Improvement Encounter and Exploring Chances,” emphasized the requirement of revisiting two insurance policies to improve productivity in the manufacturing sector.

The South Korean group in Bangladesh orchestrated “Korea Week 2023” from February 25 to March 3, 2023, with the goal of boosting financial collaboration and commemorating the fiftieth anniversary of diplomatic relations involving the two nations. Various activities through the 7 days had been hosted at the Global Conference City Bashundhara (ICCB) and Kurmitola Golf Club in Dhaka, less than the theme “Stay Powerful March Together”. South Korean Ambassador to Bangladesh, Lee Jang-keun, expressed the embassy’s dedication, alongside with the Korea-Bangladesh Chamber of Commerce and Marketplace (KBCCI) and other Korea-relevant corporations, like KOTRA, KOICA, Korea Eximbank, and Sort, to properly manage various occasions below the banner of Korea 7 days 2023. The objective was to offer you additional small business and enjoyment opportunities to the Bangladeshi business community and enthusiasts of Korean lifestyle.

Highlighting the report-breaking bilateral trade volume that reached $three.four billion in 2022, Ambassador Lee expressed his determination to advancing financial relations amongst the two international locations. As portion of this dedication, “Showcase Korea 2023” was expected to play a pivotal function in supplying ample possibilities for collaboration concerning enterprises from the two nations. The celebration, scheduled for February 25-26, were to aspect participation from around forty providers, with LG sponsoring the showcase. The festivities include things like the “Kpop Teams Are living Concert” on February 25, sponsored by Samsung Galaxy, showcasing preferred groups this sort of as “TAN,” “ICU,” and the taekwondo overall performance team “Nolja”. Moreover, different cultural routines all over the 7 days, supported by the Korea Worldwide Cooperation Agency (KOICA), offered Korean meals, digital solutions, and details about tourism in South Korea to the Bangladeshi audience. To add a sporting touch, the Korea Cup Golfing Tournament was scheduled to choose spot at the Kurmitola Golfing Club in Dhaka Cantonment on March one-two, 2023.

In addition, South Korean Ambassador to Bangladesh, Park Young-Sik, expressed Korea’s desire to be a collaborator in Bangladesh’s pursuit of financial prosperity. Speaking at the “Korea Worldwide Cooperation Company Bangladesh Alumni Night time 2023” in conjunction with the KOICA Bangladesh Alumni Affiliation (KBAA) at a city resort on November 23, 2023, Ambassador Park Younger-Sik remarked on the shared journey of both equally nations in conquering difficulties and attaining financial achievements. All through the occasion, the ambassador emphasised that the 50th anniversary of diplomatic relations concerning Korea and Bangladesh was staying celebrated. More than the course of these five many years, cooperation has evolved from early investments in the Ready-Produced Garments (RMG) sector to recent partnerships spanning Information and facts and Communication Technological know-how (ICT), infrastructure, strength, education and learning, health care, and manpower. Park Youthful-Sik underlined Bangladesh’s importance as a critical enhancement associate for Korea, citing contributions exceeding $two hundred 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 additional $3 billion in concessional loans from the Financial Progress Cooperation Fund (EDCF) for the period 2023-2027. At the moment, South Korea stands as the fourth-largest contributor to International Immediate Expenditure (FDI) in Bangladesh, with a complete stock amounting to USD one.forty eight billion as of June 2023.

The ambassador expressed self esteem that Bangladesh, with its unwavering commitment and challenging work, can emulate Korea’s economic good results. Highlighting Bangladesh’s transition from a Least Created Region (LDC) to a creating country, along with its outstanding progress fee, he sees apparent indications that Bangladesh is well on track to noticing the plans outlined in “Vision 2041.” The ambassador conveyed his assurance that Korea and Bangladesh would continue their collaborative journey toward prosperity and a shared upcoming. He reiterated Korea’s dedication as a steadfast close friend, vowing to assistance Bangladesh until eventually it achieves its aspiration of becoming a developed country by 2041.

In the meantime, the Federation of Bangladesh Chambers of Commerce and Marketplace (FBCCI), the foremost trade group in Bangladesh, and the Korea Importers Affiliation (KOIMA) have solidified their devotion to bolster trade and expenditure ties involving 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 during the signing ceremony on November 6, 2023, held at the Resort InterContinental in the capital. FBCCI Senior Vice President Md. Amin Helaly underscored the possible significance of the Memorandum of Being familiar with (MoU) in fortifying trade relations in between Bangladesh and South Korea. Highlighting the fifty-year milestone in bilateral relations, he emphasised the shared history of improvement, economic progress, and industrial development that has brought the two nations together. Above these five many years, both nations around the world have set up a strong foundation for a enduring partnership via high-amount delegations and the signing of a lot of MoUs geared to foreseeable future advancement. Bangladesh achieved a noteworthy milestone by surpassing $fifty five billion in exports for the year 2022-23. Setting up on this optimistic discourse, endeavours are underway to enhance competitiveness and perform towards the purpose of a trillion-greenback economy, aiming for a goal export benefit of US$ 300 billion by 2041. He stressed the great importance of focusing on industry and product diversification to attain this ambitious focus on.

South Korea has already acknowledged Bangladesh as an really promising expenditure vacation spot, and this recognition has led to a considerable boost in Korean expenditure, notably adhering to the establishment of a Particular Export Processing Zone exclusively for Korean buyers. The FBCCI Senior Vice President urged Korean corporations to examine options for joint ventures and subcontracting arrangements, emphasizing the value of collaboration, particularly in the Tiny and Medium Organization (SME) sector. Highlighting important sectors with significant prospective for Korean corporations, he mentioned semiconductors, microchips, hi-tech, plastics, car elements, agricultural devices, ceramic solutions, and software, amongst other people. To aid seamless trade, the Senior Vice President urged the national accreditation human body of South Korea to have interaction in a Mutual Recognition Agreement with the Bangladesh Criteria and Tests 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 current developments in Bangladesh and emphasised the significance of the Memorandum of Comprehending (MoU). He remarked, “This MoU signifies a major phase towards fostering stronger trade and expense relations between our two international locations. We are thrilled about the likely it holds for mutual advancement and prosperity.”

The 5th Bangladesh-Korea Joint General public-Personal Partnership (PPP) System conference transpired on August 20, 2023, in Dhaka, Bangladesh, with the purpose of speaking about new assignments, offering strategic directives for venture implementation, and checking out funding modalities. The meeting concluded with a determination from all members to enhance mutual cooperation and collaborate on the execution of infrastructure assignments in Bangladesh.

Subsequently, on December 10, 2023, the Government of Bangladesh and the Republic of Korea formalized the partnership by signing the History of Dialogue (RoD) and Terms of Reference (TOR) for the challenge “Capacity Developing of Data Services dependent on System.” The principal goals of this venture involve developing an integrated Statistical Details Warehouse, introducing software resources to enhance statistical solutions, and supporting the important gear and technique natural environment for the Countrywide Statistical Facts Warehouse (NSDWH). In aid of this initiative, KOICA would provide a grant of US$ 9.sixty five million (somewhere around 106.fifteen crore) for the productive implementation of the venture. The project also has the aim of formulating a learn approach aligned with the Countrywide Technique for the Enhancement of Stats (NSDS) and designing and developing a Statistical Data Warehouse System. Concurrently, it aims to enrich the capacity of the Bangladesh Bureau of Studies (BBS) and its collaborators. Upon effective completion, the job will set up an built-in Central Storage for census and study info, reworking the BBS into a unified system for statistical data—effectively addressing info administration issues and augmenting the countrywide statistical ability.

In addition to this undertaking, the South Korean govt outlined plans to welcome 10,000 Bangladeshi expatriate employees in 2023. The outgoing Korean Ambassador, Lee Jang-keun, shared this details during a farewell simply call to Primary Minister Sheikh Hasina at the Ganabhaban on May possibly sixteen, 2023. Notably, the range of Bangladeshi workers dispatched to Korea beneath the Work Permit Technique (EPS) saw a sizeable improve, growing from roughly one,five hundred personnel until eventually 2021 to five,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 present ties. From higher-level diplomatic engagements to collaborative economic initiatives and cultural celebrations, the two nations have demonstrated a shared commitment to mutual progress and prosperity. With Bangladesh on the cusp of graduation from Least Created State status and South Korea emerging as a pivotal player in this transformative journey, the prospective buyers for further collaboration look promising. The situations and developments in 2023 not only mark a celebration of the previous 50 a long time but also lay the groundwork for an even much more dynamic and fruitful partnership in the several years to occur.

[Photo by Jagged 85, via Wikimedia Commons]

*Syed Raiyan Amir is a Research Associate at the KRF Heart for Bangladesh and Global Affairs. He was a Exploration Assistant at the United Nations Business office on Medications and Criminal offense (UNODC) and Global Republican Institute (IRI). The sights and viewpoints expressed in this posting are those of the author.