South Korean Ambassador to Bangladesh, Park Young-sik, stressed the urgent need for an Economic Partnership Agreement (EPA) as Bangladesh nears its graduation from least developed country (LDC) status on November 24, 2026. At the “Korea-Bangladesh Economic Cooperation” seminar, he highlighted that swift negotiations are vital for market access and foreign investment. Park noted that South Korea would consider Bangladesh a developing country after negotiations, requiring attention to specific issues. He also mentioned Bangladesh’s plan to join the Regional Comprehensive Economic Partnership (RCEP). Sector leaders emphasized the importance of collaboration to ensure quality economic growth amid challenges following LDC graduation.

The government has removed the maximum investment ceiling on Wage Earner Development (WED) bonds to encourage expatriates to invest in Bangladesh. A recent circular from the Internal Resources Division (IRD) also allows expatriate mariners, pilots, and cabin crew employed by foreign companies to invest in WED bonds, effective December 1, 2024. Additionally, the IRD has simplified reinvestment options for various savings instruments, including WED and US Dollar bonds. Expatriates can now invest in WED for one term and reinvest for two consecutive terms, totaling 15 years, while reinvestments in US Dollar bonds will be valid for four consecutive terms.

Xingchen Textile Co Ltd, a Chinese company, has signed a $35.03 million investment deal with the Bangladesh Export Processing Zones Authority (Bepza) to establish a textile recycling factory in Mongla EPZ. The factory will recycle scrap fabric, known as “jhut,” to produce 20,000 tonnes of yarn and 12,000 tonnes of woven fabrics annually, creating 600 jobs for Bangladeshis. This makes Xingchen the second Chinese investor in the Mongla EPZ’s textile recycling sector.