Currently, repatriation of more than ten million Rohingya people, who are Myanmar national, had recently been one of burning issue in every talk with visiting country heads held at home and abroad. Long desired achieved regional Peace and stability is set to disappear due to their long time staying in country's prime tourist zone.
Diplomatic ties is being tightened in order to resolve ongoing humanitarian crises Bangladesh faces now severely. Whenever sat with premiers belonging to powerful economies, they always madestrong promise to make Myanmar understand with heart to take back their citizens as soon as possible. The visiting South Korean Prime Minister Lee Nak-Yon also emphasize on the crucial issue.
For being least developed country, Bangladesh so far could not go a long way with head high with decades-old foreign policies . Ultimately, the move for enhancing relations with developed economies has already started in full swing for not more than last ten years.
Within recent couple of years, many heads of the states and governments are noticed to exchange views with our Prime Minister Sheikh Hasina how both sides can be benefited economically. Even though, anyhow, Prime Minister was able to bring Chinese president Xi Jinping in 2016 into our country. Subsequently, many states chiefs visited Bangladesh and went back to their homeland with promising that they will support Bangladesh in any situation.
Following South Korean Prime Minister Lee Nak-Yon's recent visit has helped Bangladesh to be courageous to get the status of developed countries one by 2041. He promised to do anything for the betterment of our economy with giving one billion US dollar as a big support.
Even though, while talking with our business tycoons, he always made positive remarks about the country- Bangladesh and he threw green signals towards the business people to be benefited mutually. Whenever asked about future plan to invest in Bangladesh, he happily agreed to strength relations with us through providing a chunk of South Korean capital.
What should be described that South Korea once upon a time stood by Bangladesh by employing thousands of low-skilled workers. During 1976-2018, a total of 38,317 people have been recorded who are working in South Korea with putting only 0.32 per cent contribution in economy with sending remittance- Bureau of Manpower , Employment and Training ( BMET) sources said.
Still now, many skilled-less people are flying to South Korea aiming to change their fate. So, we are grateful to the country for giving us work opportunity to a large scale.
According to Federation of Bangladesh Chamber of Commerce and Industry ( FBCCI), the bilateral trade between Bangladesh and Korea stands US$1.5 billion in last fiscal year. Bangladesh exported total amount of US$ 293.69 million to South Korea in 2018-19 and imported products worth US$ 981.20 million.
In context of current situation of Bangladesh economy, huge foreign capital is now needed along with other supports on emergency basis to be emerged as middle- income countries one. Nearly half a dozen countries- China, Japan, India , Bhutan have shown keen interest to invest here by signing scores of deals and Memorandum of articles (MOUs).
Nevertheless, many high income based economies are on the track to visit Bangladesh aiming to make debut their plants. If Bangladesh ranked in the good position in terms of business environment by coming out from existing 176th , I believe the country sees a significant number of foreign investors in the days to come. Already, number of abroad investors has been recorded high.
South Korea's contribution in our economy is really admirable. Bangladesh exported around 11.24 per cent of total export volume in South Korea among Asia region during 2015-16- Export Promotion Bureau said. Following the recent commitment made by Lee Nak-Yon, Bangladesh is going to increase its export baskets in South Korea.
To minimize the much discussed trade deficit, there is no alternative other than to sit with different countries' chiefs. Bangladesh being one of prime import-oriented countries, the government has to think deeply regarding timely import payment.
Briefly speaking, to address the current need of economy, Bangladesh should now give attention on formulating strategies related to multipurpose issues. With decades-old strategies lying in the concerned ministry, this is completely impossible to build up any kind of relations with dominating economies.
So, a plan to revise existing strategies is a must to turn the country into developed one by 2041. If revised earlier, no need to rewrite further. There are allegations that many departments and ministries are being run with British- made rules and regulations that had been drafted only for their greater interest.
To conclude, the consideration for access to duty and quota-free Bangladeshi goods in South Korea must be made for the interest of our economy. The requesttowards South Korean Prime Minister along with Chinese premier is to take immediate steps regarding repatriation of Rohingya people.
Otherwise, Bangladesh is likely to fall in great danger in respect of regional peace and stability that was achieved through much efforts. Their birth rate is alarmingly increasing which posing a great threat for our economy. As the Rohingya people are continuously being emerged as trouble makers in the region, our foreign allies should respond quickly only for holding our good images globally Bangladesh achieved.
Md Mazadul Hoque is currently serving at Social Islami Bank Ltd with Certified Expert in Trade Services (CETS) from BIBM. Member- Bangladesh Economic Association (BEA). E-mail:
[email protected]
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