Korean Commitment to Bangladesh's Maritime Manufacturing

South Korea has expressed strong interest in making substantial investments in Bangladesh's shipbuilding and heavy industries, a move expected to bring advanced technological expertise and generate significant employment opportunities through a strategic partnership.

To further strengthen bilateral economic ties, South Korean Ambassador to Bangladesh Kim Ji-jun held a courtesy meeting on Wednesday (July 8) with Rear Admiral S.M. Moniruzzaman, Chairman of the Chittagong Port Authority. Held at the Chittagong Port Authority headquarters, the meeting focused on enhancing mutual cooperation, facilitating trade logistics and opening new avenues for foreign investment in Bangladesh.

One of the key highlights of the meeting was the discussion on developing a mega economic zone by leveraging Bangladesh's strategic geographical location. Both sides explored the vast potential of transforming the coastal region stretching from Mirsarai and Sandwip to Cox's Bazar into an international maritime economic corridor modeled after South Korea's Busan and Japan's Kobe and Osaka.

The South Korean ambassador highly praised Bangladesh, stating that the country possesses enormous potential and is well on its way to becoming one of South Asia's leading economies in the near future.

The meeting also emphasized the importance of modernizing trade infrastructure and improving the ease of doing business to attract greater global investment. Rear Admiral S.M. Moniruzzaman said, "Automation and digitalization of port and customs operations are essential to enhancing trade efficiency." Both sides agreed that coordinated efforts between the two institutions would play a significant role in increasing foreign direct investment (FDI) in Bangladesh.

With the goal of transforming Bangladesh into a major regional logistics hub, the Chittagong Port chairman presented several forward-looking initiatives to the ambassador. These included establishing specialized free trade zones to attract world-class manufacturers, improving multimodal cargo transportation through rail, road and inland waterways, and capitalizing on the country's strong potential in deep-sea fishing and fruit exports. The two sides also held productive discussions on modernizing and reforming the country's tariff and tax structure to create a more competitive and investment-friendly business environment.

To turn these ambitious goals into reality, the South Korean delegation and the Chittagong Port Authority pledged to maintain close communication and continue joint cooperation. Following the bilateral meeting, Ambassador Kim Ji-jun visited several key operational facilities at Chittagong Port.

//DBTech/BNB/EK/OR//