South Korean firms are gearing up to significantly invest in Bangladesh’s ready-made garment (RMG) and apparel sectors, spurred by proactive initiatives from the interim government aimed at improving the investment landscape. This development was highlighted during a meeting between a delegation of Korean investors, led by Kihak Sung, Chairman of Youngone Corporation, and Chief Adviser Professor Muhammad Yunus.
The delegation, which included officials from LG and representatives of some of South Korea’s leading textiles and fashion companies, visited the Korean Export Processing Zone (KEPZ) in Chittagong. Several investors expressed their intentions to make immediate investments in this industrial park, which is operated by Youngone Corporation, a prominent player in the apparel industry.
In his address, Professor Yunus underscored the government’s commitment to overhauling policies related to labour, industry, energy and investment, with the goal of fostering a more attractive environment for foreign investors. Kihak Sung, reflecting on his long-term engagement with Bangladesh since the mid-1990s, commended the interim government’s business-friendly strategies that have enhanced the overall investment climate in the nation. He also announced plans for Youngone Corporation to establish a textile and fashion education institution in Chattogram, aimed at developing a skilled workforce to support Bangladesh’s ambition of becoming a leading global textile hub.
The delegation also expressed interest in sourcing clothing from Bangladesh, highlighting the country’s unique supply chain integration, which is crucial for the RMG sector.
Professor Yunus encouraged the delegation to make a positive impact on the lives of the Bangladeshi populace through their investments, positioning Bangladesh as a favourable destination for business and innovation. The meeting also featured Bangladesh Investment Development Authority Executive Chairman Chowdhury Ashik Mahmud Bin Harun and SDG Coordinator Lamiya Morshed, reinforcing the government’s ongoing commitment to promoting foreign investment in the country.
As South Korean investments begin to flow into Bangladesh’s RMG sector, this collaboration is anticipated to strengthen the industry and further enhance the nation’s stature in the global apparel market.
