Bangladesh-South Korea Relations in 2023: Troubles and Directions

The 12 months 2023 unfolds as a significant chapter marked by profound companionship and collaborative endeavors between Bangladesh and South Korea. This time period stands out as a testament to the power and depth of their diplomatic ties and joint initiatives. The spirit of mutual cooperation and shared objectives that define the bilateral interactions concerning these two nations have been showcased through the yr by the two states. Versus the advanced backdrop of world-wide geopolitics, the emphasis on companionship displays a devoted dedication to fostering potent, amicable ties involving Bangladesh and South Korea. This commitment is further enriched by the narrative of collaboration, symbolizing joint efforts and synergies in addressing shared troubles and pursuing popular targets. No matter 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 romantic relationship. As equally nations strive for prevalent floor and shared methods, the year unfolds as a poignant reflection of their collective pursuit of harmony and shared prosperity on the global phase.

In Could 1972, Korea formally acknowledged the freshly unbiased Bangladesh, main to the institution of diplomatic relations in between the two nations on December 18, 1973. Considering that then, Bangladesh and the Republic of Korea (ROK) have fostered warm and energetic bilateral ties. The ROK set up its diplomatic mission on March 1, 1975, whilst Bangladesh opened its resident diplomatic mission in Seoul on February sixteen, 1987. In excess of the several years, both equally nations around the world have relished friendly relations, collaborating in numerous fields, together with economic climate, lifestyle, politics, garment sector, electronics, growth cooperation, and human exchange. South Korea, recognizing Bangladesh’s improving investment setting and increasing industry base, is considering the involvement of important Korean companies these as Samsung and Hyundai in building, engineering, electronics, and automotive sectors. With an financial investment of $1.3 billion, South Korea stands as Bangladesh’s fifth-largest foreign direct investor, with virtually two hundred Korean businesses diversifying their investments into infrastructure, vitality, and customer items. In 2022, the bilateral trade volume amongst the two nations surged to $3.035 billion, a amazing 38.seventy one% improve from the prior calendar year. Samsung has established a manufacturing plant in Narsingdi, generating a variety of solutions. Furthermore, the Korean EPZ (KEPZ) operates Bangladesh’s largest one rooftop photo voltaic electricity plant, contributing not only to the electrical energy wants of the zone but also integrating with Bangladesh’s national energy grid. South Korea has grow to be a important destination for Bangladeshi human methods, with somewhere around twenty five,000 expatriate personnel and their households residing there. Presented the present federal government agreement underneath the work permit program (EPS), the export of Bangladeshi personnel to South Korea is expected to boost even further owing to lower migration fees.

At the invitation of then President Lee Myung-bak, Primary Minister Sheikh Hasina undertook a go to to the Republic of Korea from May well sixteen to eighteen, 2010. The summit conference in between Primary Minister Sheikh Hasina and Korean President Lee Myung-bak on May well 18, 2010, marked the commencing of a new era in the marriage among the two helpful nations. The stop by resulted in the signing of four agreements and MoUs concentrating on enhancing cooperation in energy, environmental initiatives, cultural exchanges, and EDCF loans. In a reciprocal gesture, Primary Minister H.E. Lee-Nak-yon from Korea visited Bangladesh from July thirteen to 15, 2019, contributing to the good momentum in the bilateral relationship. To fortify political ties and facilitate regular dialogues, a standing mechanism of Foreign Business Consultations (FOC) led by the Foreign Secretary/Vice Minister has been in operation given that 2009. The third Foreign Ministry Consultations involving Bangladesh and the Republic of Korea took location in Dhaka on March 31, 2022.

This transient overview explores the study course of Bangladesh-South Korea relations in 2023, inspecting important gatherings, initiatives, and the shared vision for long term collaboration. By scrutinizing essential events, these kinds of as the Joint PPP System assembly and bilateral agreements, the study aims to provide insights into the present-day sides shaping this enduring partnership. Financial aspects, like trade volumes and main Korean investments, are analyzed to emphasize the strategic significance of the romantic relationship, significantly in the context of Bangladesh’s developmental aspirations. The review supplies a concise and insightful overview for policymakers, scientists, and the public, contributing to a nuanced comprehension of the current condition and upcoming potential of Bangladesh-South Korea relations.

2023: A Year Marked by Companionship and Collaboration

Bangladesh, on the brink of graduating from the The very least Formulated Region (LDC) status and with a national objective of turning into a wise country by 2041, has been given an expression of curiosity from Korean Ambassador to Dhaka Park Younger-Sik. He conveyed Korea’s eagerness to perform a very important role in Bangladesh’s infrastructure enhancement, akin to its substantial contributions in the Prepared-Designed Garments (RMG) field. Ambassador Park highlighted the Meghna Bridge Challenge on the Bhulta-Araihazar-Bancharampur road (R-203) and the provision of addressed water from the Meghna River to Bangabandhu Sheikh Mujib Shilpa Nagar (BSMSN) as pivotal initiatives at this time less than discussion as a result of the Joint PPP Platform Assembly. He proposed that the achievements of these tasks could serve as a “litmus test” for Korean companies, perhaps paving the way for much more considerable investments. The ambassador shared these sentiments all through a seminar held on August 23, 2023, commemorating the fiftieth anniversary of diplomatic relations concerning Korea and Bangladesh. Structured jointly by the Embassy of the Republic of Korea, the Korea Trade-Investment Marketing Company (Kotra), and the Korea-Bangladesh Chamber of Commerce and Field (KBCCI), the seminar, titled “Korea-Bangladesh Financial Cooperation – Sharing Growth Working experience and Exploring Prospects,” emphasized the requirement of revisiting two insurance policies to enhance productivity in the producing 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 50th anniversary of diplomatic relations involving the two nations. Different events all through the week were hosted at the International Convention City Bashundhara (ICCB) and Kurmitola Golf Club in Dhaka, beneath the topic “Stay Sturdy March Together”. South Korean Ambassador to Bangladesh, Lee Jang-keun, expressed the embassy’s motivation, together with the Korea-Bangladesh Chamber of Commerce and Business (KBCCI) and other Korea-similar businesses, such as KOTRA, KOICA, Korea Eximbank, and Variety, to successfully arrange various situations below the banner of Korea Week 2023. The aim was to give far more enterprise and amusement opportunities to the Bangladeshi enterprise neighborhood and fanatics of Korean lifestyle.

Highlighting the file-breaking bilateral trade volume that attained $three.four billion in 2022, Ambassador Lee expressed his perseverance to advancing economic relations in between the two nations around the world. As element of this determination, “Showcase Korea 2023” was predicted to participate in a pivotal function in giving sufficient possibilities for collaboration concerning enterprises from the two nations. The occasion, scheduled for February 25-26, have been to function participation from about 40 providers, with LG sponsoring the showcase. The festivities contain the “Kpop Teams Dwell Concert” on February twenty five, sponsored by Samsung Galaxy, that includes common groups this sort of as “TAN,” “ICU,” and the taekwondo general performance staff “Nolja”. On top of that, many cultural actions throughout the week, supported by the Korea Worldwide Cooperation Agency (KOICA), offered Korean food items, digital products and solutions, and details about tourism in South Korea to the Bangladeshi audience. To add a sporting contact, the Korea Cup Golf Event was scheduled to choose area at the Kurmitola Golf Club in Dhaka Cantonment on March one-two, 2023.

Furthermore, South Korean Ambassador to Bangladesh, Park Young-Sik, expressed Korea’s want to be a collaborator in Bangladesh’s pursuit of economic prosperity. Speaking at the “Korea International Cooperation Company Bangladesh Alumni Night time 2023” in conjunction with the KOICA Bangladesh Alumni Affiliation (KBAA) at a town hotel on November 23, 2023, Ambassador Park Young-Sik remarked on the shared journey of equally nations in conquering problems and attaining economic achievement. In the course of the event, the ambassador emphasized that the fiftieth anniversary of diplomatic relations among Korea and Bangladesh was staying celebrated. More than the system of these five a long time, cooperation has progressed from early investments in the Ready-Made Garments (RMG) sector to latest partnerships spanning Facts and Communication Technological know-how (ICT), infrastructure, electricity, education and learning, healthcare, and manpower. Park Young-Sik underlined Bangladesh’s importance as a essential advancement lover for Korea, citing contributions exceeding $200 million in grants and $1.seven billion in concessional loans. In addition, a signing of a new Framework Arrangement has laid the groundwork for an extra $three billion in concessional loans from the Economic Enhancement Cooperation Fund (EDCF) for the period of time 2023-2027. Now, South Korea stands as the fourth-major contributor to International Immediate Investment (FDI) in Bangladesh, with a complete stock amounting to USD 1.48 billion as of June 2023.

The ambassador expressed self esteem that Bangladesh, with its unwavering determination and difficult get the job done, can emulate Korea’s financial results. Highlighting Bangladesh’s changeover from a Minimum Formulated State (LDC) to a building place, alongside with its spectacular progress level, he sees distinct indications that Bangladesh is nicely on keep track of to acknowledging the aims outlined in “Vision 2041.” The ambassador conveyed his assurance that Korea and Bangladesh would continue their collaborative journey towards prosperity and a shared foreseeable future. He reiterated Korea’s determination as a steadfast good friend, vowing to support Bangladesh till it achieves its aspiration of getting a formulated nation by 2041.

In the meantime, the Federation of Bangladesh Chambers of Commerce and Field (FBCCI), the foremost trade business in Bangladesh, and the Korea Importers Affiliation (KOIMA) have solidified their determination to bolster trade and financial commitment ties between 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 money. FBCCI Senior Vice President Md. Amin Helaly underscored the prospective significance of the Memorandum of Being familiar with (MoU) in fortifying trade relations in between Bangladesh and South Korea. Highlighting the fifty-yr milestone in bilateral relations, he emphasised the shared record of progress, economic development, and industrial progress that has introduced the two nations alongside one another. About these 5 a long time, both nations have founded a strong basis for a enduring partnership as a result of substantial-degree delegations and the signing of quite a few MoUs geared toward foreseeable future advancement. Bangladesh reached a noteworthy milestone by surpassing $fifty five billion in exports for the 12 months 2022-23. Constructing on this good discourse, endeavours are underway to enhance competitiveness and do the job towards the aim of a trillion-greenback financial state, aiming for a goal export worth of US$ three hundred billion by 2041. He pressured the relevance of focusing on market place and merchandise diversification to attain this formidable goal.

South Korea has currently acknowledged Bangladesh as an really promising financial commitment vacation spot, and this recognition has led to a considerable improve in Korean financial investment, specifically subsequent the institution of a Specific Export Processing Zone exclusively for Korean investors. The FBCCI Senior Vice President urged Korean firms to examine opportunities for joint ventures and subcontracting arrangements, emphasizing the great importance of collaboration, specifically in the Modest and Medium Company (SME) sector. Highlighting vital sectors with substantial opportunity for Korean providers, he outlined semiconductors, microchips, hi-tech, plastics, auto elements, agricultural devices, ceramic goods, and program, amid other individuals. To aid seamless trade, the Senior Vice President urged the nationwide accreditation human body of South Korea to interact in a Mutual Recognition Settlement with the Bangladesh Standards and Testing Institute (BSTI) for accrediting Bangladeshi solutions destined for export to Korea. Chairman of the Korea Importers Affiliation (KOIMA), Kim Byung-Kwan, expressed commendation for the latest developments in Bangladesh and emphasised the importance of the Memorandum of Comprehension (MoU). He remarked, “This MoU represents a considerable move to fostering more robust trade and financial commitment relations concerning our two nations around the world. We are fired up about the likely it holds for mutual development and prosperity.”

The 5th Bangladesh-Korea Joint General public-Private Partnership (PPP) System assembly occurred on August 20, 2023, in Dhaka, Bangladesh, with the goal of talking about new jobs, providing strategic directives for challenge implementation, and exploring funding modalities. The meeting concluded with a motivation 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 History of Discussion (RoD) and Phrases of Reference (TOR) for the undertaking “Capacity Setting up of Figures Services based mostly on Platform.” The key goals of this undertaking contain developing an integrated Statistical Facts Warehouse, introducing software package equipment to enhance statistical products and services, and supporting the necessary machines and method environment for the Countrywide Statistical Info Warehouse (NSDWH). In help of this initiative, KOICA would supply a grant of US$ nine.sixty five million (around 106.15 crore) for the thriving implementation of the project. The challenge also has the aim of formulating a grasp system aligned with the National Method for the Improvement of Studies (NSDS) and planning and constructing a Statistical Information Warehouse System. Concurrently, it aims to enrich the capacity of the Bangladesh Bureau of Figures (BBS) and its collaborators. Upon productive completion, the venture will set up an built-in Central Storage for census and study info, reworking the BBS into a unified platform for statistical data—effectively addressing facts management difficulties and augmenting the countrywide statistical potential.

In addition to this undertaking, the South Korean govt outlined strategies to welcome 10,000 Bangladeshi expatriate personnel in 2023. The outgoing Korean Ambassador, Lee Jang-keun, shared this data for the duration of a farewell phone to Key Minister Sheikh Hasina at the Ganabhaban on Could sixteen, 2023. Notably, the range of Bangladeshi workers dispatched to Korea underneath the Work Permit Program (EPS) saw a major boost, mounting from somewhere around one,500 personnel till 2021 to five,891 in 2022, as highlighted by Ambassador Lee Jang-keun.

As 2023 unfolds, Bangladesh and South Korea carry on to fortify their enduring bond, exploring new avenues of cooperation and bolstering present ties. From large-amount diplomatic engagements to collaborative economic initiatives and cultural celebrations, the two nations have shown a shared dedication to mutual development and prosperity. With Bangladesh on the cusp of graduation from Minimum Made Region status and South Korea emerging as a pivotal participant in this transformative journey, the potential customers for deeper collaboration surface promising. The activities and developments in 2023 not only mark a celebration of the earlier 50 many years but also lay the groundwork for an even much more dynamic and fruitful partnership in the yrs to arrive.

[Photo by Jagged 85, via Wikimedia Commons]

*Syed Raiyan Amir is a Study Affiliate at the KRF Middle for Bangladesh and World wide Affairs. He was a Investigate Assistant at the United Nations Business office on Prescription drugs and Crime (UNODC) and Worldwide Republican Institute (IRI). The sights and views expressed in this report are those people of the creator.