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BGMEA for joint-venture investments from Korea to BD

BGMEA for joint-venture investments from Korea to BD

The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) president Faruque Hassan Monday (Aug 28) highlighted the prospect of direct or joint venture investments from Korea to Bangladesh in non-cotton textiles, man-made fiber based yarns and fabrics. The potential on joint-venture investments also covers the areas of functional fabrics like polyester, viscose, spandex, m‚lange. The BGMEA president expressed such interest when Park Young Sik, Ambassador of the Republic of Korea to Bangladesh, met him on Monday (Aug 28). BGMEA Director Neela Hosna Ara, Chair of BGMEA Standing Committee on Trade Fair Mohammed Kamal Uddin and Consul at the Korean Embassy Kim Jeongki were also present at the meeting, said a press release.

During the meeting, they discussed ways to add pace to the burgeoning bilateral relations between Bangladesh and Korea through deepening cooperation in various promising fields. They also had discussions about possible areas where Bangladesh and Korea could collaborate and engage in a meaningful way to boost bilateral trade and investment, particularly in the apparel and textile industries of the two countries.

As innovation, diversification and technological up-gradation are the key strategic priorities of Bangladesh's apparel industry, collaboration between Bangladesh and Korea could yield mutual benefits, Faruque added. He opined that Bangladesh is a promising destination for Korea to export its MMF, textile machinery, chemical dyes and other raw materials. On the other hand, Korea is a potential garment export market for Bangladesh. So, there lie mutual benefits for both sides, he added.

The BGMEA President apprised the envoy of BGMEA's initiative to organize Bangladesh Apparel Summit in Korea in November 2023 and sought his support in this regard.

He recalled the contribution of Korea to the development of Bangladesh's garment industry, especially the support the country provided the initial stage of the sector in terms of training and technical support.

Extending thanks to Korea through the ambassador, the BGMEA President expressed the hope that the development cooperation would continue and ties between two countries would be strengthened further.