Witnessing the increase in global demand, South Korea-based global conglomerate Youngone Corporation has hugely invested in man-made fiber (MMF) for clothing in its factories in the Korean Export Processing Zone (KEPZ) in Chattogram. Until now, US$65 million has been invested in the 3 factories while another $120 million will be invested to operate five in total.
Youngone is the largest foreign investor in Bangladesh’s garment industry. Youngone has a plan to invest $1 billion over the next few years depending on the country’s situation. Employing more than 60,000 employees altogether in Bangladesh.
Well-known for its outerwear and MMF products, Youngone recently started manufacturing polyester fabrics at three factories covering 40,000 square meters each at the KEPZ.
Kihak Sung, Chairman and CEO, Youngone Corporation said that Japanese engineers will install some new machinery at one of the KEPZ factories soon.
Sung added that currently, 95% of all the fibers produced by Youngone is MMF that is used by its factories and other local manufacturers for a variety of garment items.
Youngone is the key supplier of down jackets in Korea and it is also the foremost supplier of The North Face products globally.
The retention value of quality down jackets in Bangladesh is more than 75% and Youngone is the main manufacturer of this superior kind of jacket for cold weather. The product is mainly manufactured in the KEPZ factories.
Besides, to ensure green energy Youngone is also investing in a solar power development project to produce 40 MW capacity to the KEPZ.
