Korean envoy, BGMEA president discuss ways to boost trade, investment
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, BGMEA president said
Republic of Korea ambassador to Bangladesh Park Young Sik paid a courtesy visit to Bangladesh Garment Manufacturers and Exporters Association (BGMEA) President Faruque Hassan, engaging in discussions to boost bilateral trade and investment.
During the meeting on Monday, they explored opportunities for collaboration, particularly focusing on the apparel and textile industries of both countries, reads a press release.
BGMEA President Faruque Hassan emphasised Bangladesh's RMG industry's increasing interest in diversifying into non-cotton products, such as high-value fashion items based on man-made fibres (MMF) and technical textiles.
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He underscored the potential for Korea to invest directly or through joint ventures in non-cotton textiles, man-made fibre-based yarns and fabrics, as well as functional fabrics like polyester, viscose, spandex, and melange.
"Bangladesh is a promising destination for Korea to export its man-made fibres (MMF), textile machineries, chemical dyes, and other raw materials. On the other hand, Korea is a potential garment export market for Bangladesh. So, there lies mutual benefits for both sides," Faruque Hassan opined.
He informed the envoy about BGMEA's plan to organise the Bangladesh Apparel Summit in Korea in November 2023, seeking the ambassador's support for the event.
He acknowledged Korea's significant contribution to Bangladesh's garment industry development, particularly in terms of training and technical support during the sector's initial stages.
Expressing gratitude to Korea through the ambassador, Faruque Hassan conveyed optimism that the development cooperation would continue and further strengthen the ties between the two nations.
BGMEA Director Neela Hosne Ara, Chair of BGMEA Standing Committee on Trade Fair Mohammed Kamal Uddin, and Consul at the Korean Embassy Kim Jeong ki were also present at the meeting.
