Korea wants to make cars in Bangladesh

Korea wants to manufacture cars in Bangladesh as it considers the country an important destination for trade and investment, Korean Ambassador to Bangladesh Lee Jang-Keun said on Sunday.

"Korea has been planning to manufacture cars in Bangladesh as part of its' expansion of trade and commerce worldwide," he said at a meeting with Bangladesh Commerce Minister Tipu Munshi at the Secretariat in the capital.

The Bangladesh commerce minister said there should be a trade agreement between Bangladesh and Korea which would foster the trade and investment further.

"Bangladesh wants to increase exports to Korea as the country is already exporting readymade garments there," Tipu Munshi said. He suggested exploring the feasibility of a free trade agreement between the two countries.

Lee Jang-Keun said the development of Bangladesh is visible now and the bilateral trade between Bangladesh and Korea is at its peak. Several Korean companies are involved in RMG, electronic products and some other sectors in Bangladesh.

"Korea considers Bangladesh an important destination for trade, commerce and investment," he said.

In FY2020-21, Bangladesh exported goods worth $398.66 million to Korea while importing goods worth $1126.60 million.