DHAKA: South Korea will support joint ventures between Petrobangla and Korean Consortium in Bangladesh’s vital energy sector, especially, coal mining and coal-fired power production.

Dhaka and Seoul reached a consensus in this regard and signed a nine-point joint communiqué Tuesday following top-level meetings, in the presence of visiting Minister Sheikh Hasina and host Korean President Lee Myung-bak.

Bangladesh and Korea also signed two agreements and two memoranda of understanding agreeing to intensify economic and cultural cooperation.

These are: the framework arrangement concerning Loans from the Economic Development Cooperation Fund (EDCF) for the years 2010-2012, Memorandum of Understandings (MoU’s) on Cooperation in the Energy Sector, Cooperation for Environmental Protection and Cultural Exchange Program for the years 2010-2014.

Both the countries agreed to gear up cooperation in trade, investment, transfer of technology, and energy and infrastructure development to the mutual benefit.

The Korean side expressed commitment to continue to offer assistance in support of the economic and social development of Bangladesh.

They will also ‘favorably consider’ increasing the amount of Economic Development Cooperation Fund (EDCF) credits.  

Both the sides agreed to expand defense cooperation in the areas of training, visits, and collaboration in the defense sector.  

Bangladesh requested for expansion of duty-free coverage of Bangladeshi products both under the Asia-Pacific Trade Agreement (APTA) and through the Korean duty-and quota-free scheme for LDCs under the World Trade Organization.

They welcomed the designation of the year 2013 as the ‘Korea-Bangladesh Friendship Year’ in celebration of the 40th anniversary of diplomatic ties between the two countries.

The two sides also agreed to continue consultations on international and regional affairs, including the global financial crisis, trade liberalization and facilitation, climate change, energy, food security, and counter-terrorism.’

Bangladesh requested increased grant assistance for human-resource-development projects, including the establishment of more vocational training institutions, as well as nursing and IT training institutes.

In response to Bangladesh’s request, the Korean side agreed to help the emerging shipbuilding industry of Bangladesh.   

BDST: 1845, May 18, 1910
AKR/FA/MUA/