Staff Reporter:
For the past 45 years, Kihak Sung, Chairman of the globally renowned Korean company Youngone Corporation, has been closely connected with Bangladesh and its industrial sector.
In recognition of his significant contributions to the country’s industrial development, this Korean national has been awarded an ‘honorary citizenship certificate’. Despite not being a citizen of Bangladesh, he has earned the status of an ‘honoured citizen’ due to his remarkable role in the country’s progress as a foreign investor. Kihak Sung is widely known as the ‘mogul of Asia’s apparel empire’. He has spent more than half of his 78 years of life engaged with Bangladesh. Let’s take a closer look at who Kihak Sung is and why he received this state honour.
Kihak Sung is regarded as the mogul of Asia’s apparel empire. Under his leadership, Bangladesh’s apparel industry witnessed numerous innovations. He pioneered the demand for jackets made from synthetic fabrics produced in Bangladesh in high-end markets like the United States, Canada, and Europe. He is also one of the largest foreign investors in Bangladesh. Since 1980, he has been operating business here. What started as his personal journey with Bangladesh’s industrial sector has now transformed into a vast industrial empire.
He has been involved with Bangladesh for more than half of his life. In the 1980s, when the country’s apparel industry was just beginning, Kihak Sung was among its early companions—one of the very few. In fact, he was the first foreign investor in Bangladesh’s apparel sector during that decade. What began as a small venture has now grown into a major industrial hub.
For 45 years, Kihak Sung has remained tied to Bangladesh and its industry, and now he has received a unique recognition. For his contributions to industrial growth, employment generation for a massive population, and boosting foreign income, he has been awarded an honorary citizenship. On the inaugural day of the four-day Investment Summit, the Chief Adviser of the current interim government, Professor Muhammad Yunus, presented the award to him. Thus, despite not being a citizen of Bangladesh, Kihak Sung has been recognised as an ‘honoured citizen’ for his exceptional contribution to the country’s progress as a foreign investor.
Those involved in the process of honouring him on behalf of the interim government said that to attract foreign investment, it’s essential to improve and simplify the investment climate. Ensuring a smooth and secure journey for foreign investors, along with giving them proper recognition, can inspire others as well.
The primary organiser of this year’s Investment Summit is the Bangladesh Investment Development Authority (BIDA). The agency aims to promote foreign investors in Bangladesh as ‘Investment Ambassadors’ on the global stage. In line with this vision, BIDA took the initiative to honour Kihak Sung with honorary citizenship, recognising him as an Investment Ambassador. They believe his efforts will pave the way for more substantial investments from Korea and other countries.
This vision has already shown results. A delegation of interested Korean investors arrived for the summit, brought in by Kihak Sung himself. On Tuesday morning, they met with the Chief Adviser Professor Muhammad Yunus at the state guest house Jamuna and expressed strong interest in investing in Bangladesh.
Kihak Sung’s journey began with humble roots. His father ran a cold storage business in Korea. However, at a young age, Kihak decided not to follow in his father’s footsteps. After completing his studies, he served 18 months in the South Korean army, as per the country’s norm. At just 25, he began his career as a sales executive at a garment factory. This role introduced him to the apparel industry and allowed him to connect with many international buyers, gaining in-depth knowledge of the trade. These experiences later helped him become an entrepreneur.
He first visited Bangladesh in the mid-1980s and became the first foreign investor in the country’s apparel sector. He began by setting up a garment factory in Chattogram. Since then, his active participation in the country’s economy has been significant. From the development of the industrial sector to employment generation and boosting foreign income—his role has been pivotal. Apart from Youngone Corporation’s large factory in the Chattogram EPZ, he also established the Korean Export Processing Zone (KEPZ) in Anwara. The KEPZ alone hosts 48 Youngone factories. Today, over 73,000 people work in various Youngone factories across Bangladesh.
According to the National Board of Revenue (NBR), in the fiscal year 2023–24, Youngone Corporation exported goods worth US$862.4 million from Bangladesh. Of this, US$806.4 million was apparel products, while shoes, bags, and other items made up the remaining US$56 million. Of the total exports, US$380 million came from the KEPZ.
The KEPZ in Chattogram is run under the supervision of Youngone Corporation. Most of the factories there belong to Youngone—48 in total. Additionally, two more factories are rented by two other foreign buyer companies.
Youngone’s activities go beyond just factories. In the KEPZ area, they’ve built a 100-bed hospital for workers and are now constructing a 600-bed hospital and a textile institute. They also plan to bring in more foreign investment. Previously, this was hindered by land-related complications in the KEPZ, which the current interim government resolved in February. This has opened new doors for attracting foreign investments into the industrial zone.
Sources within Youngone revealed that the corporation has factories in seven countries, including Bangladesh. The other six countries are India, Vietnam, Ethiopia, Uzbekistan, El Salvador, and South Korea. Across these seven nations, Youngone employs about 95,000 people, and around 70% of its global operations are based in Bangladesh. As a result, the majority of its workforce is also employed in this country.
Youngone Corporation is listed on the Seoul Stock Exchange in South Korea. In 1988, it launched its Initial Public Offering (IPO) on the Korean stock market. According to the company’s 2023 financial report submitted to the Seoul Stock Exchange, Youngone Corporation achieved a global business turnover of 36 trillion won (Korean currency). Each won is equivalent to around Tk0.81, making their 2023 global revenue in Bangladeshi currency substantial.
