Bangladesh- Korea Trade and Investment Relations:
Bangladesh economy is becoming gradually more integrated with South Korea’s. Bangladesh-South Korea bilateral trade reached $1.4 billion in 2016-17. From a meagre $22.86 million in 2005. Bangladesh’s used to exports to South Korea include RMG and knitwear, leather and leather goods, jute and jute goods, caps, footwear, home textile, furnace oil, copper cable, frozen food, light engineering products, etc. The main import items of Bangladesh from Korea is large quantity of machinery and mechanical appliances, plastic products, textile articles, mineral products, automobiles, articles of stone, optical and photographic equipment, footwear, electric and electronic goods, chemicals, paper products etc.
Bangladesh witnessed significant flow of FDI, both 100% and joint venture, which are highly employment intensive in nature. Korea is a pioneer country to invest in Bangladesh and 3rd in position in providing FDI to Bangladesh. Korea brought the ever first foreign investment in Textile sector in RMG which followed more and the latest aggregate investment from Korea stand at 1.16 billion till June, 2017. It was worth mentioning that Korean Tech giant Samsung has going to manufacture its products in Bangladesh under a joint venture company and LG would also go for joint venture within a short time. Korean was the first investor to set up exclusive foreign Export processing zone KEPZ More than 200 Korean businesses invested in garment and other businesses.