Bangladesh, South Korea agree to finalize CEPA draft by December

Bangladesh and South Korea have agreed to finalize the draft of the Comprehensive Economic Partnership Agreement (CEPA) by December this year, paving the way for its formal signing at a high-level meeting.

The consensus was reached during a bilateral meeting between Commerce Minister Khandakar Abdul Muktadir and South Korean Ambassador to Bangladesh Kim Ji-hoon at the Secretariat here today.

During the meeting, the commerce minister assured the South Korean investors of resolving their operational and import-related problems on a priority basis.

He also proposed establishing a specialised ‘Design and Development Centre’ in Bangladesh through joint investment in the shipbuilding sector, utilising local engineers and skilled manpower.

The South Korean ambassador expressed his country's keen interest in finalising the CEPA at the earliest to further expand bilateral trade and economic relations.

He said South Korea had already communicated its position to Bangladesh regarding the draft agreement and a detailed questionnaire.

 The two sides discussed the finalisation of the agreement and subsequent steps in detail.

Khandakar Abdul Muktadir assured the ambassador of necessary support to increase Korean investment in Bangladesh.

He said a joint coordination meeting involving the Commerce Ministry, National Board of Revenue (NBR), Finance Ministry and Korean investors would be arranged soon to address policy-related issues faced by investors.

The ambassador highlighted various operational challenges faced by around 200 Korean companies operating in Bangladesh.

In particular, he sought measures to remove administrative complexities in importing research materials and samples for Samsung's Research and Development (R&D) Centre, delays in issuing import permits (IPs) and obstacles arising from customs regulations.

In response, the commerce minister directed the appointment of a joint secretary of the Commerce Ministry as a focal point to expedite the resolution of import-related complications faced by Samsung and other Korean investors.

He said initiatives were underway to simplify visa procedures and make the issuance of import permits fully online and real-time.

The meeting also discussed the proposed Design and Development Centre to strengthen cooperation in the shipbuilding sector.

The minister highlighted the potential for joint initiatives to meet global demand by utilising local engineers and manpower.

The ambassador welcomed the proposal and expressed interest in exploring opportunities for long-term technology transfer and joint investment in coordination with leading South Korean shipbuilding companies, including Hanwha Ocean and Hyundai Heavy Industries.

The two sides also discussed LNG supply.

Commerce Secretary Sharf Uddin Ahmed Choudhury, Additional Secretary (WTO) Khadiza Nazneen and senior officials of the ministry were present at the meeting.

Source: BSS