1. A Special Envoy of the Minister of Foreign Affairs, Ambassador Lee Jung-kyu*, paid official visits to Nepal (January 20–22) and Bangladesh (January 22–23). This visits reaffirmed the Korean government’s commitment to consistently enhancing high-level exchanges and practical cooperation with key countries in South Asia.

* Ambassador Lee previously served as Ambassador to Sweden, Deputy Foreign Minister and Counsellor at the Embassy in India.

2. During his visit to Nepal, Special Envoy Lee held meetings on January 21 with Deputy Prime Minister and Minister of Finance Bishnu Prasad Paudel, Foreign Secretary Amrit Bahadur Rai, and Minister of Labour, Employment and Social Security Sharat Singh Bhandari.

Both sides acknowledged the ongoing high-level exchanges between the two countries, including the Foreign Ministers’ meeting on the sidelines of the UN General Assembly, on the occasion of the 50th anniversary of diplomatic relations last year and the recent visit of Nepal’s Minister of Industry, Commerce and Supplies to Korea in December 2024. They agreed to continue this momentum and foster a renewed friendship and cooperation based on the achievements of the past 50 years of bilateral ties.

3. The two sides agreed to expand cooperation in economy, development cooperation, employment, and tourism. The Nepalese side expressed appreciation for the active participation of Korean companies in the country’s economic development, such as the Upper Trishuli-1 Hydropower Project, the design and supervision of Nepal’s first modern highway-the Kathmandu-Terai Fast Track- and Hyundai Motor’s joint venture for Nepal’s first automobile assembly plant.

Ahead of Nepal’s graduation from the UN list of Least Developed Countries (LDCs) in 2026, Nepal expressed hope for continued bilateral cooperation and committed to improving business environment for Korean companies. Furthermore, both sides agreed to promote trade, investment, and industrial cooperation through the Korea-Nepal Trade and Investment Promotion Framework (TIPF) signed in December 2024.

* TIPF: A non-binding MOU to facilitate cooperation in trade, industry, and energy and to expand market opportunities for Korean businesses

** Korea is the third-largest foreign direct investor in Nepal.

4. Recognizing that people-to-people ties have been the foundation of Korea-Nepal relations, both sides reaffirmed their commitment to deepening cooperation on employment. Nepal remains the largest labor-sending country under Korea’s Employment Permit System (EPS), with over 100,000 workers dispatched to date.

5. Special Envoy Lee also held a meeting with Korean residents and businesspeople in Nepal, to listen to their experiences and challenges. He emphasized the importance of fulfilling corporate social responsibility (CSR), beyond pursuing business profit. He paid a visit to Hi-Mo, a Korean company operating in Nepal, and praised the dedication of Nepalese workers. He also visited the Korea-Nepal Friendship Municipality Hospital*, recognized as a successful case of Korea’s ODA in Nepal.

* Located in Thimi near Kathmandu, the hospital was initially established through KOICA support (Phase 1: 2006–2009, USD 1.34 million). KOICA is currently supporting expansion (Phase 2: 2022–2027) to a 100-bed facility (USD 9.5 million).

6. During his subsequent visit to Bangladesh, Special Envoy Lee met on January 23 with Jashim Uddin, Foreign Secretary, and Shahriar Kader Siddiky, Secretary (equivalent to Vice Minister) of the Economic Relations Division of the Ministry of Finance.

He conveyed Korea’s commitment to continuing cooperation with Bangladesh’s newly formed caretaker government (launched in August 2024) and requested the prompt resolution of challenges faced by Korean companies operating in Bangladesh.

7. Both sides agreed to make efforts to ensure that the first official negotiation of the Korea-Bangladesh Economic Partnership Agreement (EPA), scheduled for the first half of 2025, produces meaningful outcomes to lay the foundation for future bilateral economic cooperation. Special Envoy Lee also requested Bangladesh’s support for continued participation of Korean companies in large-scale infrastructure projects, noting that Bangladesh ranks as Korea’s second-largest recipient of EDCF loans.

The Special Envoy expressed his hope to deepen cooperation with Bangladesh, Korea’s second-largest recipient of ODA, not only in the field of development cooperation, but also in labor and human resource exchange, in order to contribute to Bangladesh’s sustainable economic and social development.

* EPA: A comprehensive agreement covering tariff elimination/reduction, investment, services, Intellectual Property, and mobility of people

** Since 2011, Bangladesh has been one of Korea’s priority cooperation countries, receiving about USD 1.5 billion in support between 1989 and 2023 (ranking 2nd overall among recipients).

8. Special Envoy Lee also hosted a meeting with Korean businesspeople in Bangladesh to discuss business conditions and solutions to current challenges. He also visited the business site of the Korean company ‘Youngone Corporation*’ in Bangladesh and encouraged employees, and visited the BKTTC (Bangladesh Korea Technical Training Center**), a best practice of Korea’s ODA in Bangladesh.

* Since its entry into Bangladesh in 1980, the company has employed over 60,000 locals and become the country’s top exporter, specializing in global OEM garment production, with annual exports exceeding KRW 1 trillion for two consecutive years (2023-2024).

** Through the National Vocational Training Capacity Building Project (2007-2009. USD 4 million), KOICA supported improvements to the facilities and training capacity of Bangladesh’s first and largest vocational training institute, which was later renamed the Bangladesh Korea Technical Training Center.

9. The Special Envoy’s visits to Nepal and Bangladesh were viewed as an opportunity to convey the Korean government’s commitment to deepening partnerships with its key partners in South Asia under the banner of unwavering diplomacy.