The Korea-based global conglomerate Youngone Corporation, which has a very strong presence in Bangladesh, is making significant investment in man-made fibres (MMF).
This was maintained in a media report, which also cited the Chairman and Chief Executive Officer (CEO) of the company, Kihak Sung, in this regard.
Consequent to artificial materials dominating the fashion industry, Youngone, renowned for its outerwear and MMF products, has, reportedly, started manufacturing polyester fabrics at three factories (covering 40,000 square metres each), at the Chittagong-based Korean Export Processing Zone (KEPZ) even as Japanese engineers are expected to install some new machinery at one of the factories soon, it claimed citing Kihak Sung, and went on to add further that US $ 65 million has been invested in the three factories so far, while another US $ 120 million will be invested to operate five in total.
The report further maintained that currently, 95 per cent of all the fibres produced by the Youngone Corporation is MMF, which is used by its own manufacturing units as well as other local manufacturers.
Meanwhile, speaking to the media, the Chairman and CEO of the company, reportedly, maintained that due to fallouts of COVID-19, it lost around 45 per cent of its yearly export revenue (consequent to halting production for nearly nine weeks and order cancellations) even as after numerous negotiations, the rate of cancellation was reduced to 15 per cent while its Vietnam operations, on the other hand, continued to run smoothly, Kihak Sung, reportedly, underlined.