BGMEA President Faruque Hassan called upon Hyosung Corporation, a leading South Korean industrial conglomerate, to make investments in the backward-linkage industries in Bangladesh, especially in the high value-added and non-cotton textiles sector.
He made the call when a delegation of BGMEA led by him visited Hyosung Corporation in South Korea on October 28.
The BGMEA delegation included Vice President Shahidullah Azim, Director Asif Ashraf, Managing Director of DBL Group M. A. Jabbar, Managing Director of Hams Group Engr. Md. Shafiqur Rahman, Ashaab Adeeb Hassan, Director of Giant Group, while Ms. Nuzhat Anwar, Senior Country Officer, IFC Dhaka, and Ms. Nishat Chowdhury, Program Manager of IFC’s “Partnership for Cleaner Textile: PaCT” were also present.
In the meeting, they discussed issues related to mutual trade interests, especially the prospect of setting up a manmade yarn and fabric textile industry plant by Hyosung in Bangladesh.
BGMEA President Faruque Hassan said Bangladesh has reached its peak in terms of producing cotton-based apparels, hence the sector increasingly focusing on to tap into the growing non-cotton garment sector.
In that case, Hyosung can be a collaborative partner since they have to dominate global market share for spandex, he added.
Hyosung Corporation is a comprehensive fiber manufacturer which produces the majority of leading world-class products such as creora, spandex yarn, aerocool and askin, polyester and nylon yarn throughout the fiber industry.