Kihak Sung a true friend of Bangladesh: State minister
State Minister for Foreign Affairs Md Shahriar Alam on Sunday praised Kihak Sung, chairman and CEO of the South Korean textile giant Youngone Corporation, saying he is a true ambassador of Bangladesh's foreign direct investment (FDI).
"Sung has been a leading foreign private investor in the country since 1980, and is regarded as a true friend of Bangladesh," said Shahriar while attending a session of the Bangladesh Business Summit 2023 in the capital on Sunday.
The Youngone Corporation, which Sung owns and operates, has production facilities in several countries, including Bangladesh, Vietnam, China, and El Salvador. The company directly employs 85,000 people, with 70,000 of them currently working in Bangladesh.
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Sung also established the Korean Export Processing Zone (KEPZ) on 2,492 acres of land in Chattogram, which is the first and largest export processing zone in Bangladesh's private sector. More than 30 factories with world-class technology have been set up there.
Founded in 1974, the Youngone Corporation is a leading global manufacturer of athletic and outdoor clothing, textiles, footwear and gear. With a history of innovation, partnership and trust, the company is listed on the Seoul Stock Market and has an annual turnover of $3 billion, with one-third of this revenue obtained from Bangladesh.
