South Korean Ambassador to Bangladesh Park Young Sik on Monday met President of Bangladesh Garment Manufacturers and Exporters Association (BGMEA) Faruque Hassan and discussed ways to boost trade and investment between the two countries.
BGMEA Director Neela Hosna 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.
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.
BGMEA President Faruque Hassan highlighted the growing interests of Bangladesh’s RMG industry in diversifying into non-cotton products, including high-value fashion items based on manmade fibre (MMF) and technical textiles.
He spotlighted the prospect of direct or joint venture investments from Korea to Bangladesh in non-cotton textiles, man-made fiber based yarns and fabrics, functional fabrics like polyester, viscose, spandex, melange.
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, he added.
Bangladesh is a promising destination for Korea to export its mmf, textile machinery, chemical dyes and other raw materials, according to BGMEA.
On the other hand, Korea is a potential garment export market for Bangladesh. So, there lies mutual benefits for both sides, Faruque Hassan opined.
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, BGMEA President Faruque Hassan expressed hope the development cooperation would continue and ties between two countries would be strengthened further.
