The leading body for the country’s readymade garment (RMG) – The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) signed a memorandum of understanding (MoU) with the Korea Federation of Textile Industries (KOFOTI) to enable jointly helpful cooperation for the development of business, trade and investment, mainly in the textile and apparel industries of Bangladesh and Korea.
On 24 October, Faruque Hassan, President, BGMEA and Sang Woon Lee, Chairman, KOFOTI signed the MoU in Seoul, Korea.
Through this MoU, both countries will extend cooperation in the spaces of interchange of information and discussion of trade issues.
The partnership also seek to promote direct or joint venture investments from Korea to Bangladesh in non-cotton textiles, high-end garment items, woven textile and garment, skills development and innovation.
Among others, Shahidullah Azim, Vice President, BGMEA; Asif Ashraf, Director, BGMEA; Jong Won Kim, Director General, Korea Trade-Investment Promotion Agency (KOTRA); Kim Sung Chan, Vice President, Korea Fashion Industry Association; Soyoung JOO, Executive Vice Chairman, KOFOTI; Jung-kee Lee, General Director, Korea Textile Trade Association (KTTA); M. A. Jabbar, Managing Director, DBL Group; Engr. Md. Shafiqur Rahman, Managing Director, Hams Group and representatives of Korean fashion industry were also present on the signing event.
Faruque Hassan said, “BGMEA and KOFOTI MoU is very vital. This collaboration will play a key role in deriving more mutual trade benefits for both Bangladesh and Korea through collaboration, especially in the area of apparel and textile industry.”
“South Korea is one of the emerging markets for Bangladesh in the East Asian region,” Faruque Hassan said.
“As we have identified innovation, diversification and technological up-gradation as the key strategic priorities for our future growth, collaboration between Bangladesh and South Korea is really crucial, he remarked.”
Faruque Hassan requested all the participants present at the MoU signing ceremony to the ‘Made in Bangladesh Week’ which will be organized by BGMEA on 12-18 November in Dhaka to promote Bangladesh and the RMG industry by showcasing its strengths and encouraging stories internationally.