| Bangladeshi Ambassador to Korea Abida Islam speaks with The Korea Times at her office in Dongbinggo-dong, Seoul, April 30. / Korea Times photo by Choi Won-suk |
By Yi Whan-woo
Building "Shonar Bangla," meaning Golden Bengal in Bengali, has been Bangladesh's goal since it declared independence from Pakistan in March 1971 under the Father of the Nation Bangabandhu Sheikh Mujibur Rahman.
The country met all criteria as required by the United Nations to graduate from the least developed country category, just before its Independence Day this year.
Prime Minister Sheikh Hasina, the late founder's daughter, is now aiming for Bangladesh to become a middle-income country by 2021 and a developed country by 2041.
An investment seminar in Seoul on May 18 to be co-hosted by Embassy of Bangladesh and Bangladesh Investment Development Authority (BIDA) is expected to help the country to speed efforts to build "Shonar Bangla," according to Bangladeshi Ambassador to Korea Abida Islam.
The seminar will aim to promote Bangladesh as "a land with huge untapped potential" by offering details about investment opportunities, infrastructure and utility support for prospective investors.
The targeted industries are telecommunication, information and communication technology (ICT), energy, road infrastructure, shipbuilding, garment design and production, leather production, pharmaceuticals, ceramics, light engineering and agro processing.
"I must underline that the Republic of Korea has been a good friend of Bangladesh," the ambassador told The Korea Times at the embassy on April 30. "It has been our important development partner for the past four decades and is assisting us in a wide range of areas.
"But there are lots of potential areas that are yet to be explored by the Korean investors and leading business houses here.
"To sustain our socio-economic development, we need all the support and economic cooperation from friendly countries like the ROK."
Bilateral trade reached $1.4 billion during the 2016-17 period from $22.86 million in 2005.
The trade is in favor of Seoul. More than 200 Korean companies have business in Bangladesh, including Samsung, LG, Posco Daewoo, GS Engineering and Construction, Hyundai Group, Youngone Corporation and Korea Water Resources Corporation
Bangladesh is ranked second-biggest recipient of Korea's Economic Development Co-operation Fund (EDCF). Bangladesh has received about $1 billion from the fund.
Seoul's Export-Import Bank will soon open an office in Dhaka, the country's capital.
Competiveness
According to the ambassador, Bangladesh is "a winning combination of competitive market, business-friendly environment, and competitive cost structure, including a growing pool of skilled human resources" in South Asia.
Its economic growth has averaged more than 6.5 percent for the last eight years and more than 7 percent in the last two fiscal years.
"Given the challenging global economic scenario during the last 10 years, very few countries in the world could have maintained such a steady and impressive growth rate," she said.
"In addition, Bangladesh's fast growing middle class with increasing purchasing power is certainly a catalyst for attracting investment at a faster pace and greater volume."
The country's "strategic location" next to India, China, and ASEAN countries as well as the South Asian Free Trade Area (SAFTA) are also expected to help boost interest in investment, according to the ambassador.
SAFTA signatory countries are Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan and Sri Lanka.
Bangladesh allows 100 percent foreign equity with an unrestricted exit policy, remittance of royalty and repatriation of equity and dividend, and also export-oriented industrial enclaves with infrastructure and utility facilities.
The country plans to build 100 economic zones on the sea border by 2030, which are expected to create 10 million jobs and produce goods and services worth $40 billion.
The sites for 79 economic zones have been selected and relevant megaprojects on roads, highways, land and air transport, and port facilities are underway.
The economic zones will feature comprehensive industrial Infrastructure, development under a PPP (Public Private Partnership) model, ownership and regulation by the government but management by the private sector, plus foreign direct investment and local investment.
Some of the megaprojects are Padma Multipurpose Bridge, Ruppur Nuclear Power Plant, Rampal Moitree Super Power Plant, Matarbari 1200 MW Ultra Super Coal Power Plant, Dhaka Mass Rapid Transit Development, LNG Terminal Development, Deep Sea Port at Sonadia, Payra Deep Sea Port, Padma Bridge Rail Connectivity and construction of a single-line dual gauge-track from Dohajari to Ghundhum.