Kihak Sung, chairman of Korean clothing, textile and footwear manufacturer Youngone Corporation, said that the company plans to establish a Korean Export Processing Zone (KEPZ) in Bangladesh’s textile and information technology sectors in the next few years. With an investment of up to US$500 million, the high-tech park will employ 20,000-30,000 people. 5 buildings are already under construction.
KEPZ now has 40 green factories stationed in it and plans to build 35 more factories. In its textile district, 3/5 of the planned factories have been completed. Once all plans are completed, KEPZ is expected to become the country’s “textile hub” for the production and supply of high-quality man-made fibers (MMF).
According to a news report in Bangladesh, the move will help Bangladeshi clothing manufacturers source fiber locally and produce more value-added and high-end clothing.
Man-made fibers include polyester, rayon, or synthetic wool. The business now brings Youngone $100 million in revenue. Sung expects this to become a $5 billion business within the next five years.
KEPZ is located in Anwara and is the largest private export processing zone in Bangladesh. It was approved in 1996 and the land acquisition was completed in 1999.
