Chairman Sung Ki-hank of Youngone Corp. was honored with an honorary citizenship from the Bangladeshi government in recognition of his contributions to the development of the Bangladeshi textile industry by investing in the Southeast Asian country for the past few decades.
Chmn. Sung received the honorary citizenship at an event to open “Bangladeshi Investment Summit” in Daka, the capital of Bangladesh, on April 7.
Muhammad Yunus, Nobel Peace Prize winner and Chief Adviser of the interim government of Bangladesh and the founder of Grameen Bank, delivered the honorary citizenship to Chmn. Sung.
Chmn. Sung’s winning of the honor is expected to promote diplomatic relations between Korea and Bangladesh.
Chmn. Sung has been credited with spearheading local investment and job creation after his company entered Bangladesh in the 1980s. The Bangladeshi government has recognized Chmn. Sung as “Bangladesh’s best friend and one of the most influential foreign investors.”
Youngone Corp. employees some 70,000 people in Bangladesh.
The company operates the Korea Export Production Zone (KEPZ), covering some 10,00 Sq. meters, established in the Chittagong area in southeast of Bangladesh.
KEPZ is the private sector’s first and largest export processing area, contributing greatly to developing local industry infrastructure and boosting exports.
Youngone has now grown to become the premier manufacturer of outdoor apparel, footwear and gear.
The company supply products to global brands, such as North Face, Patagonia, Lululemon and Ralph Lauren.
A Bangladesh Investment Development Authority official said, “Chmn. Sung is a partner of Bangladesh’s economic growth, and he has presented an example of the eco-friendly and sustainable manufacturing industry.”
‘K-Fashion Needs to Be Prepared for Great Leap Forward’
The Korea Fashion Association (KFA) hosted a forum on the occasion of the 40th anniversary of its founding designed to discuss K-fashion’s global market entry and growth strategies.
KFA held “Global Fashion Forum” event to mark the 40th anniversary at FKI Tower in Yeouido, Seoul, on April 11.
The forum has been held every year since 2019 by KFA.
The forum, supported by the Ministry of Trade, Industry and Energy (MOTIE) was attended by some 200 people from Korean textile and fashion industries.
In her welcoming speech, KFA Chairperson Sung Rae-eun said, “In the recent few years, K-fashion has been established as a culture and a global trend, and its growth potential is evaluated to be greater on top of the spread of K-culture.”
“But the global fashion market is getting fiercer, and its trends are changing fast, so now is the time to require an insight into reading global fashion market trends, promoting sustainability and technology innovation and encompassing diverse diversity,” she said.
In his keynote speech, HYBE CEO Lee Jae-sang stressed the exploration of the “second home market,” the domestic market, not focusing only on exporting.
“We have to think that we are required to become local players making local content in each country’s market, so each company needs to consider what country will be its second home market, based on a precise understanding of each company’s DNA,” Lee said.
Explaining the background of its overseas market entry, CEO Lee said, “K-pop is our principle, but we have to become players of several genres to brace for competition.”
As for the reason for choosing U.S. and Japanese markets, he said, “We can give something necessary in the United States where idol models have disappeared, and our business could be directly applied to Japan where a comprehensive management can be available like Koreas.”
In a panel discussion, Lee Doo-jin, CEO of Mediquitous, which operated the Japanese fashion platform NUGU, said, “In the beginning, we started with Korean-oriented organization and leaders in Japan, but we’ve come to know that localization is very important through trial and error.”
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