Dhaka, Seoul agree to strengthen economic cooperation
May 18, 2010
Bangladesh and South Korea on Tuesday agreed to intensify cooperation in trade, investment, transfer of technology, energy and infrastructure development for mutual benefit.
This was announced in a joint communiqué issued at the end of Prime Minister Sheikh Hasina’s three-day official visit to Seoul from May 16-18.
The communiqué says the Korea expressed its commitment to continue to offer assistance in support of the economic and social development of Bangladesh. The Korean side also expressed its willingness to favourably consider increasing the amount of Economic Development Cooperation Fund (EDCF) loans.
It says the two sides will take active measures to expand bilateral trade and work together to achieve trade balance as they viewed that economic cooperation and trade constitute an important part of the comprehensive partnership between the two countries.
The Bangladesh side requested for the further expansion of duty-free coverage of Bangladeshi products both under the Asia Pacific Trade Agreement (APTA) and through the Korean duty-free quota-free scheme for LDCs under World Trade Organisation.
The Korean side agreed to explore ways to accord further duty-free market access to more Bangladesh products.
The communiqué says the Bangladesh side expressed its deep appreciation for the grant assistance provided by the Korean government and requested for increased grant assistance on human resource development projects, including the establishment of more vocational training institutions, as well as nursing and IT training institutes.
The Bangladesh side welcomed the active involvement of Korean enterprises in the energy, communications, transportation, industry, and infrastructure sectors of the country.
The two sides agreed to facilitate the mutually agreed cooperation projects such as Korean Export Processing Zone (KEPZ). Both sides also agreed to support the joint-venture between Petrobangla and Korea Consortium in energy sector including coal mining and coal-based power plants in Bangladesh
In response to Bangladesh’s request, the communiqué says the Korean side agreed to explore ways to support capacity building, including on-site training, in the emerging shipbuilding industry of Bangladesh.
The Bangladesh side expressed its deep appreciation for increasing the quota for workers from Bangladesh under the Employment Permit System (EPS), and both sides agreed to explore ways in which Bangladesh workers can further contribute to the economies of both countries.
The two sides agreed to further expand defence cooperation including training, exchange of visits, and collaboration in the defense industry.
They agreed to intensify cultural exchange activities and further broaden people-to-people contact with a view to promoting mutual understanding and friendship between the peoples of the two countries.
The two sides agreed to continue exchange of high-level visits and contacts between the two countries to intensify friendly exchanges between government agencies, parliaments, political parties, armed forces and non-governmental groups of the two countries and enhance the consultation mechanisms including Annual Foreign Policy Consultations.
They welcomed the designation of the year 2013 as the ‘Korea-Bangladesh Friendship Year’ in celebration of the 40th anniversary of diplomatic ties between the two countries.
The communiqué says the Korea will continue to provide scholarships and training opportunities for Bangladesh students and researchers in its academic and training institutions.
The two sides underscored the importance of working closely for environmental protection and sustainable development at the bilateral, regional and international levels.
The Bangladesh side noted with appreciation the “Low Carbon, Green Growth” strategy of South Korea.
Both sides will strengthen cooperation in the areas of technology for increased food production, development of renewable energy sources including solar, wind and hydroelectricity, waste management and restoration of rivers in order to enhance the capability in tackling climate change.
The Korean side expressed its appreciation for the active effort made by Bangladesh to promote regional cooperation in South Asia.
The Bangladesh side expressed its appreciation for the constructive role of the Republic of Korea as an observer country in the South Asian Association for Regional Cooperation (SAARC).
The two sides agreed to continue consultations on international and regional affairs, including the global financial crisis, trade liberalisation and facilitation, climate change, energy, food security, and counter-terrorism.
The Bangladesh side expressed its appreciation for the Republic of Korea’s intention to act as a bridge between developed and developing countries at the next G-20 summit.
The two sides signed the framework arrangement concerning Loans from the Economic Development Cooperation Fund (EDCF) for the years 2010-2012, MOUs on Cooperation in the Energy Sector, Cooperation for Environmental Protection and Cultural Exchange Program for the years 2010-2014.
The Bangladesh side expressed condolence and sympathy for the loss of 46 officers and sailors on the Cheonan, the Navy corvette of the Republic of Korea.
Prime Minister Sheikh Hasina extended an invitation to President Lee Myung-bak to pay a visit to Bangladesh at a mutually convenient time. The president expressed his appreciation and accepted the invitation with pleasure.
Source: thedailystar.net
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