Remove obstacles to Korean EPZ: Sung tells Bangladesh govt
June 25, 2013 - Bangladesh
Mr. Kihak Sung, chairman of Korean clothing firm Youngone Corporation, has urged the Bangladesh Government to quickly remove the obstacles for full-scale functioning of the Korean Export Processing Zone (KEPZ) that has been set up on 2,492 acres of land in Chittagong.
Speaking to media persons in Dhaka, Mr. Sung, who is also the chairman of KEPZ, asked the Government to quickly execute the deed of transfers of the entire KEPZ lands.
Secondly, Mr. Sung sought the permission to allow all types of industries, including garment units, to function in the KEPZ.
Mr. Sung also urged the Government to allow KEPZ to lease out lands to other factories and early restoration of power supply.
He will be attending a meeting of the board of governors of the private EPZ, scheduled to be held on June 26 in Dhaka, and explain the reasons for operations not being in full swing at the KEPZ.
The Government issued operational license to KEPZ in 2007, but the land transfer deed is yet to be executed, according to Mr. Sung.
Youngone Corporation has operations in Bangladesh, China and Vietnam and the company annually exports over US$ 1 billion worth of products from these three countries.
In Bangladesh, the Korean firm employs nearly 50,000 workers in its 17 production units, mainly garment factories, in Dhaka and Chittagong EPZs.
The company plans to set up units for manufacturing of textiles and apparels, along with many other industries, in the KEPZ.
Once the KEPZ becomes fully operational by first quarter of 2014, it is expected to generate about 40,000 new employment opportunities, Mr. Sung said.
He also informed that Youngone Corporation would set up a Tk 15 million fund for improving fire and building safety in Bangladesh’s garment sector.