South Korea-based organization Youngone is constructing five state-of-the-art textile factories in the Korean Export Processing Zone (KEPZ) located in Chittagong, Bangladesh. The three factories will produce manmade fiber yarn and finished garments on a combined floor space of 2 million sq. ft. This will reduce Bangladesh’ dependence on imports, views Mohammad Hatem, First Vice President, BKMEA. Since these yarns will be duty-free they will raise the production of high-end garments and increase Bangladesh’s export earnings. Md. Mushfiqur Rahman, Assistant General Manager, KEPZ, adds, the five new facilities will be able to meet 25 percent of the MMF demand in Bangladesh.

Faruque Hasan, President BGMEA, the global synthetic fiber market is expected to reach $62.74 billion in 2021 and this project by KEPZ will enable Bangladesh to take part in that race. Youngone is expanding the scope of Bangladesh-made textile line to include both blended and more sophisticated fabrics, both 100 per cent polyester knit and woven fabrics, polyester blended fabrics, both knit and woven (blended wool, cotton, rayon, spandex, polypropylene (PP) and many more), Merino wool knitwear, and various polyester warp knitted fabrics.