S Korea to hire more workers

Offers to invest heavily ahead of Hasina’s trip
South Korea will increase its quota for Bangladeshi workers from this year and make an investment that will generate jobs for 3.5 lakh people in the country.
Newly appointed Korean Ambassador in Dhaka Taiyoung Chao said this yesterday at a press conference called ahead of Prime Minister Sheikh Hasina’s three-day official visit to his country from May 16.
As the largest investor in EPZ, South Korea has so far invested more than $ 1 billion in Bangladesh creating jobs for over 1.55 lakh people, Chao said.
Korean companies are expected to invest $ 1 billion more that will create jobs for 3.5 lakh people in the Korean Export Processing Zones (KEPZ), Chittagong, he added.
The South Korean ambassador said, “We will contribute to transforming Bangladesh into one of the major industrial hubs in South Asia.”.
Taiyoung Chao termed the prime minister’s visit very important as such high-level visit from Bangladesh is taking place after former premier Khaleda Zia’s visit in 1995.
He said this is a valuable chance for us to strengthen our ties, as Sheikh Hasina would hold talks with Korean President Lee Myung-bak on wide range of bilateral issues.
“Our President is looking forward to meeting with the Bangladeshi prime minister,” said Chao.
He said the summit meeting will be followed by signing of several agreements and Memorandum of Understandings on granting soft loans from Economic Development Cooperation Fund, environment and cultural exchange, manpower, ICT and power sector development.
Ambassador Chao, however, did not disclose the size of the loans, but he said Korean official development assistance to Bangladesh would be increased by three times by 2015 from the current $ 1 billion.
As of March this year, 13 soft loan projects of $ 410 million were provided to Bangladesh while $ 36 million of grant assistance was extended from 1991 to 2009 through KOICA, a Korean aid agency.
On manpower issue, he said South Korean government is going to increase the quota for Bangladeshi workers from this year. He urged that the Bangladesh government takes measures to produce more skilled workers.
Apart from garment and textile industry, Chao said, South Korea is interested in putting money in sectors like power generation, coalmining, shipbuilding and ICT.
About two-way trade, he said the bilateral trade shows an increasing trend with the highest amount recorded at $ 1.26 billion in 2008. The trade figure, however, climbed down to $1.18 billion in 2009 with Korean export amounting to $ 1.06 billion and import to $1.22 million.
In 2010, 85 percent of total tariff lines were opened for Bangladeshi products as duty and quota-free access.
Embassy officials, including Deputy Chief of the mission Doo-soon-Park, vice consul Junghwa Kim and Jin Young Park were present at the press conference.

Courtesy of The Daily Star