South Korean investors plan significant investments in BD
NN Online:
South Korean investors on Tuesday expressed their intention to make “significant investments” in Bangladesh, citing the interim government’s efforts to usher in a new era of hope for foreign investment in the country.
A delegation of Korean investors led by Youngone Corporation Chairman Kihak Sung said this during a meeting with Chief Adviser Prof Muhammad Yunus.
The delegation included officials from LG, as well as representatives from some of Korea’s largest companies in textiles, fashion, spinning, logistics, healthcare, power and renewable energy sectors, said CA’s Press Secretary Shafiqul Alam.
On Monday, the officials visited the Korean Export Processing Zone (KEPZ) in Chattogram, where several investors committed to immediate investments in the industrial park, which is owned and managed by Youngone Corporation.
Prof Yunus highlighted the government’s commitment to reforms aimed at improving the business environment in Bangladesh, including significant changes to labour, industrial, energy and investment policies.
“We are delighted that you are visiting Bangladesh at a time when we are building a new Bangladesh,” Prof Yunus said. “In this new Bangladesh, we have made foreign investment easy and hassle-free.”
He further said, “Our job is to make it smooth for you. I know you have undergone some tough times over the past 16 years, and we want to make up for lost time.”
Kihak Sung, who first came to Bangladesh in the mid-1990s, echoed the chief adviser’s remarks, praising the interim government’s pro-business stance and policies that have improved the overall business climate in the country.
Prof Yunus encouraged foreign investors to positively impact the lives of the Bangladeshi people through their investments, adding, “Make Bangladesh your business destination and your source of inspiration. You have the potential to inspire tens of millions of people.”
Kihak Sung also announced that his company, Youngone Corporation, would establish a textile and fashion college in Chattogram within the next few months to create a talent pool that could help transforms Bangladesh into the world’s leading textile hub.
He praised the chief adviser’s recent letter to US President Donald Trump regarding tariffs, noting that it addressed the concerns caused by the new American administration. “It was a well-written letter,” Sung said, adding that he has advised the garment industry not to panic over potential US measures.
Representatives from the Korean fashion and retail industry indicated plans to purchase clothing from Bangladesh, noting the country’s unique supply chain integration.
The Bangladeshi pharmaceutical sector is also growing rapidly, and the country has the potential to become a leading exporter of medicines in the evolving global trade landscape.
One investor expressed interest in establishing an API (active pharmaceutical ingredient) plant in Bangladesh. Additionally, Professor Yunus suggested to a top Korean surgeon, a member of the delegation, that he set up a hospital in Chattogram.
BIDA Executive Chairman Chowdhury Ashik Mahmud Bin Harun and SDGs Affairs Principal Coordinator Lamiya Morshed also participated in the meeting, underscoring the government’s ongoing commitment to facilitating foreign investment in Bangladesh.