Commerce Minister Tipu Munshi on Sunday urged the South Korean ambassador to Dhaka for more investment from his country in Bangladesh, whereby they can take advantage of the abundant and therefore cheap human resources here.

“We have long-standing trade and economic relations with Korea as an important business partner and now Bangladesh would like to sign a free trade agreement (FTA) with the country,” he said.

The commerce minister made the remarks when Korean ambassador to Dhaka Lee Jang-Keun called on him at his Secretariat office on Sunday.

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In response Lee said Korea is working to set up a car-manufacturing plant in Bangladesh as Korea considers the country an important partner for increasing trade and investment.

Bangladesh has made unprecedented progress in the last ten years which is now visible, said Ambassador Lee.

“Korea's bilateral trade with Bangladesh is now at its peak. A number of Korean companies are working in various sectors of Bangladesh, including readymade garments and electronic products,” he added.

The Korean Ambassador said that Bangladesh has successfully tackled the Covid-19 situation.

Korean investors, mostly from their private sector, have invested in garment, electronics and other sectors in Bangladesh, operating several companies, which brings an opportunity to increase this investment and trade, Munshi said.

Md. Hafizur Rahman, additional secretary (Export), Nur Md. Mahbubul Hoque, Additional Secretary (FTA), first secretary of Korean embassy Youngmin Seo, among others, was present in the meeting.

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Bangladesh exported goods to Korea worth USD $398.66 million in the fiscal year 2020-21, at the same time imported goods of $ 1126.60 million.