South Korea wants Bangladesh to have swift and timely visa issuance and renewal procedures, seamless customs clearance, and a reduction of high tariffs on raw materials and intermediate goods as part of improving the business environment.

In order to fully realise Bangladesh's potential as an investment destination, the country also needs to quickly resolve issues centring on overdue dollar payments after the completion of projects and allow the repatriation of profits to home countries.

South Korean Ambassador to Bangladesh Park Young-sik made these comments at a seminar, titled "Korean Investors' CSR Activities and Future Together" at a hotel in the capital today.

The Embassy of South Korea, the Korea International Cooperation Agency (Koica), and the Korea Trade-Investment Promotion Agency organised the event.

The South Korean envoy said South Korea and Bangladesh are currently holding negotiations on a Comprehensive Economic Partnership Agreement (Cepa), which will help strengthen ties.

Bilateral trade stands at over $3 billion. Since 1973, at least 144 South Korean companies have participated in 257 infrastructure projects in Bangladesh with a cumulative value of $8.82 billion as of April 2025.

South Korean companies have contributed to promoting trade and investment and the development of Bangladesh's industry and infrastructure over the decades. Many of them are also involved in various CSR activities, said Young-sik.

He said Bangladesh continues to be a promising destination for South Korean investors because of its rapidly growing economy, strategic location, and abundant labour force.

But to fully realise its potential, Bangladesh needs to improve the business environment, he said.

Bangladesh's exports to South Korea are increasing steadily every year, but the amount is not satisfactory due to the limited range of export items, said Young-sik.

"Items such as footwear, ICT products, leather goods, light industrial products, and pharmaceuticals can be further exported to South Korea," he said.

"A bilateral Cepa can provide an impetus to further increase Bangladesh's share in South Korea's market, especially RMG items," he added.

The envoy said Bangladesh needs to develop infrastructure to make its economy sustainable and resilient. South Korea aspires to become a vital partner in Bangladesh's infrastructure development, as it has done in the RMG sector, said Young-sik.

"South Korean enterprises are known for quality delivery and are ready to continue their contribution to infrastructure development," he said.

"However, the Bangladeshi government needs to create an environment for foreign companies to participate in infrastructure projects," he added.

Bangladesh ranks third among South Korea's overseas development assistance recipients, with projects in education, water and sanitation, health, public administration, and transportation.

South Korea is fully committed to strengthening Technical and Vocational Education and Training (TVET) to address trainer shortages, technology gaps, and outdated equipment, with Koica supporting capacity building so that workers are well prepared for future growth.

Young-sik said South Korea is willing to share its development experience with other developing countries but does not pursue strategic interests beyond its economic cooperation.

"Building on the achievements of the past 50 years, both South Korea and Bangladesh are committed to forging a brighter and more prosperous future for our nations," he said.