Korean envoy flags challenges for foreign firms in Bangladesh EPZs

Source:China Sport ShowRelease time:13-Mar-2024Clicks:

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Overseas entities operating in Bangladesh’s Export Processing Zones (EPZs) encounter various hassles including challenges due to arbitrary enforcement of customs clearance standards imposed by concerned officials.

South Korean ambassador to Bangladesh, Park Young-sik, highlighted these issues, asserting they hinder stable and reliable operations for foreign companies in the bonded areas.

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This is as per media reports, which added the South Korean envoy stressed the importance of implementing government policy initiatives on the ground to attract foreign direct investments (FDI).

Addressing an event by the Bangladesh Investment Development Authority (BIDA) and Korea Bangladesh Chamber of Commerce & Industry (KBCCI) recently, Park Young-sik praised the government’s new policy initiatives aimed at enhancing the business environment for the foreign investors.

He emphasised the need for actual implementation, stating that despite the presence of Economic Processing Zones, foreign companies face numerous challenges, particularly regarding customs clearance standards arbitrarily enforced by officials.

He underscored the significance of improving the overall business climate, including addressing visa issues, rationalising tax, and tariff policies, and facilitating profit repatriation, over mere investment incentives.

Park Young-sik also expressed optimism that BIDA would play a pivotal role in enhancing the business environment in Bangladesh.

The ambassador’s remarks shed light on the practical obstacles hindering foreign investment in Bangladesh and underscored the imperative for concrete actions to improve the operational environment for overseas entities in the country’s EPZs.