Samsung, LG products to be produced locally: Tofail


DHAKA, Oct 24, 2017 (BSS) – Commerce Minister Tofail Ahmed yesterday said Korean electronics giants Samsung and LG Electronics will produce their products locally through joint venture.

Apart from the Korean Export Processing Zone (KEPZ), the Korean investors would also invest in Special Economic Zones (SEZs), he added.

The minister revealed it after having a meeting with Korean Ambassador Ahn Seong-doo at his ministry office.

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.

In fiscal 2016-17, Bangladesh imported products of $1268 million against the export of $238 million.

Korean envoy said Samsung and LG have decided to make invest with joint venture which would push the bilateral up and narrow the trade deficit.

He assured the commerce minister for all types of cooperation from his country.

Commerce Secretary Shuvashish Bose was present.