Korea keen to strengthen infrastructure partnership with Bangladesh

Ambassador Lee Jang-keun of Korea in Bangladesh has said that his country is committed to strengthen partnership with Bangladesh in the infrastructure area.

“We are committed to further strengthening our partnership with Bangladesh in the infrastructure area,” he said in his speech at a programme held at the Intercontinental Hotel organised by the Embassy of the Republic of Korea in Dhaka on Wednesday.

“I believe the infrastructure area can and should be the next RMG sector, another success story of economic cooperation between the two countries. And I think infrastructure can be an area which could take our bilateral ties into a new height in the coming decades,” he said.

He said infrastructure development is the key to the success of Bangladesh’s economic development and to the achievement of its grand vision to become a developed nation by 2041.

Korea, a vivid example of how investment in infrastructure can turn into economic development, is a natural partner for Bangladesh’s development of infrastructures.

Around 11 Bangladesh authorities including Public Private Partnership Authority (PPPA), Bangladesh Power Development Board (BPDB), Road & Highway Department (RHD), Bangladesh Railway (BR), Bangladesh Bridge Authority (BBA), D-WASA, and C-WASA and 31 Korean construction and engineering companies including 12 companies based in Dhaka participated in the event.

Bangladesh contractors and Korean companies sat together to explore potential opportunities for cooperation in the field of infrastructure projects in Bangladesh through in-person and virtual one-on-one meetings.

Korea has been a longtime partner in Bangladesh’s infrastructure projects. The first project even dates back to the early 1970s.

When Bangladesh declared independence in 1971, a Korean company was building a highway between Dhaka and Chittagong.

According to the statistics, Korean companies participated in 210 infrastructure projects including the Jamuna Multipurpose Bridge project built by Hyundai Construction in 1998.

Major Korean construction and engineering companies such as Samsung, Hyundai, POSCO, GS, Halla, Taeyoug, Heelim, Dowha are operating their offices in Dhaka and actively participating in infrastructure projects in Bangladesh.

In order to strengthen cooperation in infrastructure, the two countries have launched the PPP (Public-Private Partnership) platform in 2019 and identified five projects recently to be implemented under this framework including the Meghna Bridge project.

Korea also has actively been providing concessional loans and Economic Development Cooperation Fund to support infrastructure projects in Bangladesh.

The Secretary and CEO of PPPA, Sultana Afroz, appreciated collaboration in infrastructure between the two countries, particularly through the PPP platform and mentioned that the programme will provide an opportunity to see the progress of the partnership and the potential of the projects.

Speakers from other Bangladesh authorities also introduced their projects and expressed their willingness to closely cooperate with Korean partners.