South Korea-based global conglomerate Youngone Corporation Chairman and CEO Kihak Sung said, “Bangladesh needs to make a lot of efforts to produce and supply more manmade fiber (MMF) so that a supply chain is established here.”
Sung said, “I’ve apparel units in Vietnam. They are doing fine and rising faster than Bangladesh. We need to catch up with that. If we can satisfy our customers with the delivery and quality then customers will rely on us giving more business.”
The versatile leader Kihak Sung elaborated that in the MMF section Vietnam is doing well and Bangladesh’s readymade garment (RMG) industry should follow suit.
Sung added that the textile zone at the Korean Export Processing Zone (KEPZ) in Chattogram will become a ‘textile hub’ in Bangladesh fetching a lot of businesses if the vital support is provided to ‘quickly and fully implement it. Most importantly not losing everything to Vietnam. Besides, bringing a lot of businesses to Bangladesh.
Youngone Corporation already started manufacturing polyester fabrics at the 2 newest state-of-the-art polyester garment factories with a floor space of over 430,000 for each which will be extended to 2 more similar units for export and supply of high-quality products to garments and apparel factories in Bangladesh as an import substitute and backward linkage industry.
Sung said, “We want to be supportive of Bangladesh garment factories. We need to make raw materials, garments and everything here.” Adding that quality energy supply remains the key hurdle.
Sung said they are inept to build 2 new factory buildings now due to the Gas Ring Main (GRM) pipeline of Karnaphuli Gas Distribution Co, Ltd, presently passing diagonally from north to south in the textile zone.
“We are appealing to the government to give us a license very quickly so that we can run and produce high-quality products for Bangladesh garment factories,” urged Sung.
Emphasizing improved infrastructure to be able to enhance export as well as making more profit. As an operating business in less profit, doing more production and more export is not sustainable.
Sung said once Youngone is more successful and more comfortable here in Bangladesh, there will be many other companies to join and make a big investment, creating more jobs. Eventually adding more to the economy of Bangladesh.
Courtesy: The interview was published in The Business Standard