S Korea's Youngone to invest $500 mn in textiles, IT in Bangla KEPZ

14 Apr '22

1 min read

Pic: Youngone Corporation

South Korean clothing, textiles, footwear manufacturer Youngone Corporation is planning to invest up to $500 million at the Korean Export Processing Zone (KEPZ) in the textiles and information technology sectors in Bangladesh in the next few years, according to its chairman Kihak Sung. The hi-tech park would employ 20,000-30,000 people, he said. Five buildings are already under construction.

KEPZ, owned by the company, now hosts 40 green factories. It plans to build another 35 factories.

In its textile zone, three out of five planned factories have been completed. Once all five are completed, KEPZ expects this to function as the country's ‘textiles hub’ to produce and supply high-quality man-made fibre (MMF).

This would help Bangladeshi apparel makers to locally source the fibre and make more value-added and high-end apparel, according to a news report from Bangladesh.

The man-made fibres include polyester, rayon or synthetic wool. This business now generates $100 million dollars for Youngone. Sung expects this would become a half a billion-dollar business in the next five years.

Located in Anwara, the KEPZ is the biggest private EPZ in the country that was given the go-ahead in 1996 and its land acquisition was completed in 1999.

Fibre2Fashion News Desk (DS)

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