Korean electronics giants Samsung and LG Electronics have decided to set up their joint-venture production base in Bangladesh.
Commerce Minister Tofail Ahmed revealed the information after a meeting with Korean Ambassador Ahn Seong-doo at his ministry office on Monday.
Korean envoy said Samsung and LG have decided to invest in joint venture capacity which would push the bilateral trade up and narrow the deficit.
Bangladesh imported products of $1268 million against the export of $238 million in fiscal 2016-17.
Commerce Minister said the Korean investors would also invest in Special Economic Zones (SEZs), apart from the Korean Export Processing Zone (KEPZ), reports a local media.
He opined Korea would be benefited if they export products through setting up factories in Bangladesh.
Mentioning that 200 Korean companies have invested in the EPZ, Tofail said more companies are keen to invest here.
Commerce Secretary Shuvashish Bose was present.
