Kihak Sung, Chairman and CEO of Youngone Corporation recently said that in the near future the Bangladeshi businesses will prioritize the goods produced in a green atmosphere, upholding human rights and safety of workers to retain business with Germany, as the major economy in Europe is going to implement a new due industry law from 2023 as per media reports.
The new German law will be valid to any country doing business with Germany, they said at a webinar named ‘German Due Diligence Act – Implications for Manufacturers and Exporters in Bangladesh.’
Youngone Corporation – the leading global manufacturer of outdoor/athletic clothing, textiles, footwear, etc. has a robust presence in Bangladesh since the early 80’s.
Youngone Corporation’s Chairman expressed this view when a delegation of the Chittagong Chamber of Commerce and Industry (CCCI), led by its President Mahbubul Alam, visited the Korean Export Processing Zone (KEPZ) on the bank of the Karnaphuli river recently.
Sung added, “The environmental and human rights of workers will be major issues in the export markets of developed countries, particularly in the European Union, the US, Canadian, Japanese and Australian markets. Youngone Corporation gives priority to both issues while exporting goods to the developed countries.”
“While giving priority to the environmental issues, industrial plots have been constructed on 48% of the land while keeping 52% of land green in KEPZ. The company has 28-kilometer-long electricity and seven-kilometer-long gas transmission lines. KEPZ also offers plots of different sizes to entrepreneurs, keeping their demands in mind,” said Kihak Sung.
Mahbubul Alam, President, CCCI said, “Youngone Corporation will raise its investment in Bangladesh in the coming days as the present government is giving different incentives to foreign investors.”
Alam said that Bangladeshi industrialists have also set up hundreds of green industrial units in the textile and apparel sectors keeping an eye on the Youngone.
CCCI President also acclaimed the progress of setting up different industrial units in the KEPZ.