Dhaka:Bangladesh and South Korea have agreed to finalize the draft of the Comprehensive Economic Partnership Agreement (CEPA) by December. This agreement aims to prepare for its formal signing at a high-level meeting.
According to United News of Bangladesh, the understanding was reached during a bilateral meeting between Commerce Minister Khandakar Abdul Muktadir and South Korean Ambassador to Bangladesh Kim Ji-joon at the ministry. The Commerce Minister assured the Korean side that operational and import-related issues faced by Korean investors would be addressed as a priority.
In the meeting, Minister Muktadir proposed joint investment initiatives in the shipbuilding sector and suggested establishing a specialized "Design and Development Centre" in Bangladesh. This initiative aims to leverage local engineers and manpower. Ambassador Kim expressed a keen interest in concluding the CEPA to enhance bilateral trade and economic relations.
Seoul has already communicated its stance on the draft agreement and provided a detailed questionnaire to Dhaka. Discussions covered the finalization of the deal and subsequent steps in detail. To boost investments, a joint coordination meeting involving the Commerce Ministry, the National Board of Revenue, the Finance Ministry, and Korean investors is planned to resolve policy-related issues swiftly.
The Ambassador highlighted several challenges that approximately 200 Korean companies face in Bangladesh, including administrative hurdles in importing research materials for Samsung's R&D center and customs policy obstacles. In response, Minister Muktadir directed the appointment of a joint secretary as a focal point to address these import-related issues quickly.
Efforts are underway to simplify the visa process and make the issuance of import permits fully online and in real-time. The proposed Design and Development Centre for shipbuilding cooperation was also discussed, with the Ambassador expressing interest in collaborating with leading South Korean shipbuilders like Hanwha Ocean and Hyundai Heavy Industries for technology transfer and joint investment opportunities.