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Malaysia keen on joint ventures with Bangladesh
Team from Southeast Asian nation meets FBCCI and DCCI leaders
Star Business Report
Malaysian firms have expressed interests in joint venture investments in construction, food, manufacturing, edible oil, trading and services in Bangladesh.
In addition to forming joint ventures, they want to promote their products and services in Bangladesh and import agricultural products, clothing raw materials and construction labourers.
We have come here to see how we can promote our products and services and form joint ventures with the Bangladeshi counterparts, said Tan Sri Dato Soong Siew Hoong, who was leading a delegation on behalf of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).
There is potential in many sectors, from agriculture to manufacturing. Any partnership will not only boost bilateral trade and commerce between the two countries, but also the South-South cooperation, he said.
He addressed a discussion on trade and investment with ACCCIM, organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka yesterday.
Citing Malaysias expertise in setting up cluster industrial parks, he said: We can cooperate to develop cluster industrial parks here.
He said the Malaysian economy was once dominated by agro-based industries, but now they have turned into a manufacturing-based economy.
In her welcome speech, Monowara Hakim, first vice-president of FBCCI, said there are huge opportunities and prospects of trade and commerce between the two countries.
Malaysian entrepreneurs can invest in any sector in Bangladesh, she said, citing tourism as the sector with most potential.
After garments, the tourism sector in Bangladesh will boom within the next five years, she added.
On the other hand, Malaysia can promote its health and medical services in Bangladesh, she said. Every year, a huge number of people go to Singapore or Thailand for health and medical purposes, and Malaysia can tap the potential.
At another meeting yesterday morning, Dhaka Chamber of Commerce and Industry (DCCI) urged the ACCCIM delegation to invest in Bangladesh in leather and leather products, power and energy, food, oil and gas, and agro-based industries.
In order to face the challenges of globalisation in production and trade liberalisation, we have to strengthen our bilateral, regional and South-South cooperation, said Sabur Khan, president of DCCI.
source: Malaysia keen on joint ventures with Bangladesh | The Daily Star
Korea keen to increase investment in Bangladesh
Ambassador Lee Yun-young says he will raise visibility of Bangladesh in his country.
Bangladesh and Korea can further enhance their cooperation in IT, pharmaceuticals and shipbuilding industries, Korean Ambassador in Dhaka Lee Yun-young has said.
On top of its strong garment industry, he said, Bangladesh is now exploring new opportunities in Other sectors such as IT, pharmaceuticals and shipbuilding.
About the potential sectors in Bangladesh where Korean companies are willing to invest in, he said Korea is renowned for its competitiveness in IT and shipbuilding industries.
Korean businesspeople are eagerly looking for opportunities abroad in these sectors, he added.
Bangladesh has a huge potential in these areas, and I believe these are the areas where Korea and Bangladesh can further enhance cooperation, he said in an interview with The Daily Star.
Bangladesh and Korea are the perfect partners because each of us has the resources, which others do not have."
Korea has advanced technology and willingness to invest abroad, whereas Bangladesh has an enormous labour force which is vital to develop industries like IT and shipbuilding, the newly appointed Korean envoy said.
Korean companies have contributed much to the economic development of Bangladesh since 1970.
He said Korean company Daewoo made a joint venture with Bangladesh's Desh Garments in late 1970 to export garments for the first time in Bangladesh. Korea has been with Bangladesh right from the beginning of the country's development, Lee said.
"Some people are critical about several difficulties existing in business environments."
Complex and time-consuming procedures, bureaucracy and a lack of infrastructure are the major obstacles, which have to be removed or improved, he said.
However, he said many government organisations are trying their best to improve the system.
In this context, he said PPP Global Investors' Forum: Bangladesh 2012, held on December 7, is part of their initiatives to improve infrastructure.
The ambassador said more than 220 Korean companies are investing half a billion dollars in Bangladesh.
These Korean companies are mostly investing in the manufacturing industry such as garment.
The Korean companies are exporting 5 percent of the entire exports of Bangladesh, hiring more than 1.6 Bangladeshi people, the envoy said.
Korea's overseas investment is around $40-45 billion each year and it is one of the top three investors among all Southeast Asian countries. So, what Korea is investing in Bangladesh is relatively small.
I think there is enough room for more investment from Korea. One factory operated by Samsung Electronics in Vietnam exported more than $10 billion worth of products last year and the amount will go up to $40 billion in near future."
The reason why investment of similar scale did not come to Bangladesh is low visibility of Bangladesh in Korea, Lee said.
"I intend to do my best to raise the visibility, he said.
Lee said he is pleased with the rapid increase in bilateral trade between the two countries.
While Korea is Bangladesh's seventh largest trading partner, he said the bilateral trade has shown a stable increase in volume, approaching to $2 billion in 2012 despite difficult market environment worldwide.
One of the most encouraging signs in the bilateral trade is a significant increase in exports from Bangladesh to Korea recently.
In the past, it was the investment from Korea to Bangladesh that mostly provided the momentum for the economic cooperation between the two countries, the envoy said.
However, exports from Bangladesh increased drastically by 75 percent in 2011 compared to 2010.
During 2012, exports from Korea to Bangladesh was around $1.5 billion, which is 10.2 percent lower than that of the previous year, whereas Bangladesh's exports to Korea rose to $0.3 billion, which is 20.8 percent higher than that of the previous year.
There is a significant trend that the trade imbalance is improving, he said.
Various exports from Bangladesh such as garments and fisheries products are becoming popular in Korea. One of the contributing factors to this significant increase is the duty- and quota-free market access that is provided by Korea to Bangladesh.
Lee said the coverage of duty-free access has increased to 95 percent of Bangladeshi products from 90 percent since 2011, which means almost all products except some sensitive agro-products are entitled to free access to the Korean market.
About the Korean Export Processing Zone (KEPZ) in Chittagong, the envoy said the two governments agreed to set up a KEPZ in Chittagong in 1995. Then, some years later, one Korean company was given the job to develop the EPZ.
The 2,500-acre KEPZ is open to everybody though its name is Korean EPZ. A Korean company -- Youngone Corporation -- did a good job in developing this land in an eco-friendly way. The company made roads and planted 1.7 million trees and made 17 water reservoirs conserving 360 million gallons of monsoon rain water.
Though there is one big shoe factory in operation in the KEPZ now, the full development of the KEPZ will bring about the increase of Bangladesh's export earnings by $1.5 billion per year with direct employment of more than 1.1 lakh people.
I am confident that the success of the KEPZ, the symbol of our relationship, will contribute to the take-off of Bangladesh's economy, Lee said.
However, he said, We have some difficult pending issues to be resolved. On our side, we will do our best to resolve the pending issues as early as possible. Many foreign investors are eagerly waiting to invest in the KEPZ.
source: Korea keen to increase investment in Bangladesh
old news but it was not posted.
Team from Southeast Asian nation meets FBCCI and DCCI leaders
Star Business Report
Malaysian firms have expressed interests in joint venture investments in construction, food, manufacturing, edible oil, trading and services in Bangladesh.
In addition to forming joint ventures, they want to promote their products and services in Bangladesh and import agricultural products, clothing raw materials and construction labourers.
We have come here to see how we can promote our products and services and form joint ventures with the Bangladeshi counterparts, said Tan Sri Dato Soong Siew Hoong, who was leading a delegation on behalf of the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).
There is potential in many sectors, from agriculture to manufacturing. Any partnership will not only boost bilateral trade and commerce between the two countries, but also the South-South cooperation, he said.
He addressed a discussion on trade and investment with ACCCIM, organised by the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) in Dhaka yesterday.
Citing Malaysias expertise in setting up cluster industrial parks, he said: We can cooperate to develop cluster industrial parks here.
He said the Malaysian economy was once dominated by agro-based industries, but now they have turned into a manufacturing-based economy.
In her welcome speech, Monowara Hakim, first vice-president of FBCCI, said there are huge opportunities and prospects of trade and commerce between the two countries.
Malaysian entrepreneurs can invest in any sector in Bangladesh, she said, citing tourism as the sector with most potential.
After garments, the tourism sector in Bangladesh will boom within the next five years, she added.
On the other hand, Malaysia can promote its health and medical services in Bangladesh, she said. Every year, a huge number of people go to Singapore or Thailand for health and medical purposes, and Malaysia can tap the potential.
At another meeting yesterday morning, Dhaka Chamber of Commerce and Industry (DCCI) urged the ACCCIM delegation to invest in Bangladesh in leather and leather products, power and energy, food, oil and gas, and agro-based industries.
In order to face the challenges of globalisation in production and trade liberalisation, we have to strengthen our bilateral, regional and South-South cooperation, said Sabur Khan, president of DCCI.
source: Malaysia keen on joint ventures with Bangladesh | The Daily Star
Korea keen to increase investment in Bangladesh
Ambassador Lee Yun-young says he will raise visibility of Bangladesh in his country.
Bangladesh and Korea can further enhance their cooperation in IT, pharmaceuticals and shipbuilding industries, Korean Ambassador in Dhaka Lee Yun-young has said.
On top of its strong garment industry, he said, Bangladesh is now exploring new opportunities in Other sectors such as IT, pharmaceuticals and shipbuilding.
About the potential sectors in Bangladesh where Korean companies are willing to invest in, he said Korea is renowned for its competitiveness in IT and shipbuilding industries.
Korean businesspeople are eagerly looking for opportunities abroad in these sectors, he added.
Bangladesh has a huge potential in these areas, and I believe these are the areas where Korea and Bangladesh can further enhance cooperation, he said in an interview with The Daily Star.
Bangladesh and Korea are the perfect partners because each of us has the resources, which others do not have."
Korea has advanced technology and willingness to invest abroad, whereas Bangladesh has an enormous labour force which is vital to develop industries like IT and shipbuilding, the newly appointed Korean envoy said.
Korean companies have contributed much to the economic development of Bangladesh since 1970.
He said Korean company Daewoo made a joint venture with Bangladesh's Desh Garments in late 1970 to export garments for the first time in Bangladesh. Korea has been with Bangladesh right from the beginning of the country's development, Lee said.
"Some people are critical about several difficulties existing in business environments."
Complex and time-consuming procedures, bureaucracy and a lack of infrastructure are the major obstacles, which have to be removed or improved, he said.
However, he said many government organisations are trying their best to improve the system.
In this context, he said PPP Global Investors' Forum: Bangladesh 2012, held on December 7, is part of their initiatives to improve infrastructure.
The ambassador said more than 220 Korean companies are investing half a billion dollars in Bangladesh.
These Korean companies are mostly investing in the manufacturing industry such as garment.
The Korean companies are exporting 5 percent of the entire exports of Bangladesh, hiring more than 1.6 Bangladeshi people, the envoy said.
Korea's overseas investment is around $40-45 billion each year and it is one of the top three investors among all Southeast Asian countries. So, what Korea is investing in Bangladesh is relatively small.
I think there is enough room for more investment from Korea. One factory operated by Samsung Electronics in Vietnam exported more than $10 billion worth of products last year and the amount will go up to $40 billion in near future."
The reason why investment of similar scale did not come to Bangladesh is low visibility of Bangladesh in Korea, Lee said.
"I intend to do my best to raise the visibility, he said.
Lee said he is pleased with the rapid increase in bilateral trade between the two countries.
While Korea is Bangladesh's seventh largest trading partner, he said the bilateral trade has shown a stable increase in volume, approaching to $2 billion in 2012 despite difficult market environment worldwide.
One of the most encouraging signs in the bilateral trade is a significant increase in exports from Bangladesh to Korea recently.
In the past, it was the investment from Korea to Bangladesh that mostly provided the momentum for the economic cooperation between the two countries, the envoy said.
However, exports from Bangladesh increased drastically by 75 percent in 2011 compared to 2010.
During 2012, exports from Korea to Bangladesh was around $1.5 billion, which is 10.2 percent lower than that of the previous year, whereas Bangladesh's exports to Korea rose to $0.3 billion, which is 20.8 percent higher than that of the previous year.
There is a significant trend that the trade imbalance is improving, he said.
Various exports from Bangladesh such as garments and fisheries products are becoming popular in Korea. One of the contributing factors to this significant increase is the duty- and quota-free market access that is provided by Korea to Bangladesh.
Lee said the coverage of duty-free access has increased to 95 percent of Bangladeshi products from 90 percent since 2011, which means almost all products except some sensitive agro-products are entitled to free access to the Korean market.
About the Korean Export Processing Zone (KEPZ) in Chittagong, the envoy said the two governments agreed to set up a KEPZ in Chittagong in 1995. Then, some years later, one Korean company was given the job to develop the EPZ.
The 2,500-acre KEPZ is open to everybody though its name is Korean EPZ. A Korean company -- Youngone Corporation -- did a good job in developing this land in an eco-friendly way. The company made roads and planted 1.7 million trees and made 17 water reservoirs conserving 360 million gallons of monsoon rain water.
Though there is one big shoe factory in operation in the KEPZ now, the full development of the KEPZ will bring about the increase of Bangladesh's export earnings by $1.5 billion per year with direct employment of more than 1.1 lakh people.
I am confident that the success of the KEPZ, the symbol of our relationship, will contribute to the take-off of Bangladesh's economy, Lee said.
However, he said, We have some difficult pending issues to be resolved. On our side, we will do our best to resolve the pending issues as early as possible. Many foreign investors are eagerly waiting to invest in the KEPZ.
source: Korea keen to increase investment in Bangladesh
old news but it was not posted.
.. 
you said she is your dream girl 
future of BD - India relationship.
