South Korean industrial infrastructure developer Korea Industrial Complex Corporation (KICC) wants to develop an industrial park for housing 100 Korean companies operating in Bangladesh.
The KICC wants to shift its focus from Myanmar to Bangladesh because of the presence of better utility services and infrastructure here, said Paban Chowdhury, executive chairman of Bangladesh Economic Zones Authority (Beza).
The industrial complex management agency expressed its willingness in a recent letter sent to Beza.
The officials of Beza and the KICC will sit between November 4 and 6 in Dhaka to discuss ways to set up the industrial park, Chowdhury told The Daily Star.
The KICC has been developing two industrial parks at Bago and in Mun state in Myanmar since 2013.
Many Korean companies which are already present in Bangladesh want to expand their business here and they need a separate industrial park, Chowdhury said.
For instance, Korean mobile phone manufacturing giant Samsung wants to expand its operations in Bangladesh, as it is now manufacturing mobile phone sets in collaboration with a local company.
“We have not yet decided on allocating a separate industrial zone for them,” Chowdhury said.
“Let us hold the meeting first scheduled to be held next month. We may consider a separate park for them as well. But it depends on their interest.”
The Beza has already allocated separate industrial zones for the investors of Japan, India and China. The development work of some of those industrial zones have already started, he said.
“I also think that this is the best time for investing in Bangladesh,” Chowdhury said, adding that Bangladesh has been developing 100 economic zones across the country.
Both the local and foreign investors will have the opportunity to invest in those zones, he said.
“Many Korean entrepreneurs are showing their interest to do business in Bangladesh. We welcome them here,” said Mostafa Kamal, president of the Bangladesh-Korea Chamber of Commerce and Industry.
During a visit to Bangladesh in July this year, Korean Prime Minister Lee Nak-yon also expressed his eagerness to invest in infrastructure, power, ICT, construction, shipbuilding and energy sectors of Bangladesh.
The bilateral trade needs to be increased beyond textile and garment sectors, Nak-yon said at the Korea-Bangladesh Business Forum during his visit.
The Korean government also said they will help in construction of 10,000 ICT centres across Bangladesh.
More than 150 Korean companies have invested a total of $1.15 billion in Bangladesh, businesspeople said.