Bangladesh’s ready-made garment (RMG) industry is keen to expand trade ties with South Korea, focusing on increased imports of raw materials and boosting apparel exports, industry officials announced after a high-level meeting in Dhaka on Monday.
During the discussion at the BGMEA Complex in Uttara, BGMEA President Mahmud Hasan Khan Babu highlighted the growing potential for South Korean products such as man-made fibres, textile machinery, and chemical dyes to serve the needs of Bangladesh’s booming RMG sector. “South Korea represents a promising market for Bangladeshi apparel exports, offering significant opportunities for mutually beneficial trade,” he said.
Both sides expressed optimism about the prospects of a future Free Trade Agreement (FTA) or Economic Partnership Agreement (EPA), which could substantially enhance bilateral commerce, currently valued at below US $ 2 billion annually. Official figures from the Export Promotion Bureau (EPB) and Bangladesh Bank indicate that Bangladesh exported approximately US $ 492 million worth of goods to South Korea in FY 2025, while imports from South Korea reached US $ 902 million in FY 2023.
South Korean Ambassador Park Young-sik emphasised the importance of policy alignment between Bangladesh’s Export Processing Zones Act 2019 and Labour Act 2006 to improve the investment environment. He also highlighted the need to enhance labour productivity and streamline operations at Chittagong Port to facilitate smoother trade flows.
The meeting also focused on improving market intelligence sharing and strengthening business-to-business connections between enterprises of both countries. Industry leaders and South Korean trade officials attended the session, which aims to foster greater cooperation and explore new avenues for trade growth.
