Every year, on October 3, the Republic of Korea celebrates its National Foundation Day, Gaecheonjeol, which marks the basis of korea’s oldest dynasty in history. It is a wonderful thrill to celebrate this vital day and honor the legacy of our ancestors with the other people from Bangladesh and Korean expats living in Bangladesh. La Korean Embassy used to hold an annual reception to celebrate the day, inviting friends and partners to Bangladesh, as well as to the diplomatic community. 19 pandemic, we will be practically celebrating this year on a special online page (www. bd-korea. com), which will open at 10 am on October 3. I invite you all to stop by the site, participate in our birthday party and enjoy the engaging content.
This year, the instance is even more significant as it coincides with the centenary of Bangabandhu Sheikh Mujibur Rahman’s birth. His determination for Bangladesh’s independence and the well-being of others continues to motivate others around the world. The hearts of the other Koreans are with their Bangladeshi compatriots as Bangladesh celebrates Mujib’s year.
Although Covid-19 has had a negative effect on all facets of our lives, Korea remains committed to strengthening its friendly ties with Bangladesh. Since the beginning of the pandemic, the two governments have been strongly informed about their internal situation, their immigration and aviation policies, and imaginable measures to jointly combat the crisis.
To help Bangladesh curb the spread of the virus and succeed over the resulting economic challenges, the Korean government, in collaboration with KOICA, the Korean aid agency, has provided or committed to returning a total of US$1. 2 million in control kits, masks, PPE and emergency food. And control booths without an appointment. In addition, the Ministry of Finance of Korea and Korea Eximbank are jointly considering a favourable loan proposal for the Bangladeshi government’s economic recovery plan. In addition, Korea has actively shared our experiences, more productive practices and accumulated technical expertise in our fight against the virus. bangladesh, adding Bangladesh, through a series of webinars.
Since the status quo of diplomatic relations in 1973, Korea and Bangladesh have strengthened their cooperation in fields such as trade, investment, progression and inter-people exchanges. Prime Minister Sheikh Hasina’s scale in Seoul in 2010 and then-Prime Minister Lee Nak-yon’s scale in Dhaka in 2019 marked new milestones in bilateral relations.
The total volume of the bilateral industry reached $1. 7 billion last year. According to the Bank of Bangladesh, Korea’s accumulated investment in Bangladesh amounted to $1. 2 billion last year, taking sixth place among other investors and surpassing even China, Japan and the maximum number of European countries. Korean corporations operating in Bangladesh, nearly a portion of which invest in industrial free zones, make Korea the main foreign investor in THE FIZs.
From the beginning, Korean corporations like Youngone have invested heavily in Bangladesh’s ready-to-wear (RMG) industry, which lately accounts for more than 80% of Bangladesh’s exports, while Korea is proud to have contributed to the progression of the RMG sector. in Bangladesh, seeks to take Korea-Bangladesh dating to the next level, expanding additional spaces for cooperation in infrastructure, energy, ICT and electronics manufacturing. The third terminal at Shahjalal International Airport, the 750 MW Meghnaghat power plant and the Matarbari 1200 La MW Force plant is being built through Samsung, Posco and Hyundai, and it is no secret that Korea’s leading electronics and automotive corporations are Bangladesh for a potential investment destination.
Korea is also one of Bangladesh’s leading progression partners, providing a total of USD 160 million in grants through KOICA and USD 1. 24 billion in favorable EDCF loans in sectors, as well as public administration, vocational education and education, transportation, communications, water control and fitness. In an effort to develop Bangladesh’s physical capacity, for example, Korea has fully funded the creation of the National Institute of Research and Advanced Training in Nursing and is supporting the ongoing structure of Bangabandhu Sheikh Mujib Medical University. In coordination with a Korean hospital, KOICA also implemented the task “Promoting Eye Health and Preventing Blindness” in Savar.
Bangladeshi expats in Korea are another vital pillar of our association. Of the 18,000 Bangladeshi citizens living in Korea, almost part are semi-skilled personnel sent under the Work Permit System (PSE) and nearly 1,300 are undergraduate and graduate students. The number of visitors from Bangladesh to Korea has increased in recent years, reaching 18,478 in 2019, a whopping 36% increase over 3 years ago. in the volume of exchanges between people.
It is worth noting the significant contributions made through Bangladeshi staff to the Korean economy, i. e. in the production sector, where professional staff are in great need. At the same time, Bangladeshi staff in Korea sent home a significant amount of wages, with Korea’s rating of 12 degrees in terms of the origin of remittances from Bangladeshi expatriate staff. While sending new personnel to Korea has been temporarily affected by the pandemic, it will gain momentum as soon as the scenario improves in the near future.
Despite the serious effects of Covid-19, Bangladesh’s economy has behaved relatively well, with a record flow of remittances and exports accelerating. With the Asian Development Bank forecasting a GDP expansion of 6. 8% in fiscal 2020-2021, Bangladesh remains well placed to emerge from the prestige of LDCs in 2024 and to achieve its purpose of adapting to a country evolved until 2041. As a strong and reliable partner, Korea will continue to assist Bangladesh in its adventure towards the well-being and prosperity of its people. .
Lee Jang-keun is the ambassador of the Republic of Korea to Bangladesh.