The titan steering Bangladesh’s apparel renaissance

Celebrating Ki-Hak Sung’s pioneering commitment to Bangladesh’s sustainable development

Source: Dhaka Tribune-Mamun Rashid, Publish : 24 Sep 2024, 11:31 AMUpdate : 24 Sep 2024, 11:31 AM

Ki-Hak Sung is the illustrious chairman of Youngone Corporation from South Korea. Despite being a foreign investor, the gentleman stands as a towering figure in Bangladesh's industrial and economic landscape. His remarkable contributions have not only transformed the country's apparel industry, but also fostered significant socio-economic development. Under his visionary leadership, Youngone Corporation has emerged as a global leader in manufacturing outdoor and athletic apparel, employing over 70,000 people in Bangladesh alone, and around 95,000 people in total across the world.

One could say that Bangladesh is his home and he is very much aligned with the future of Bangladesh. Yet he has also invested in Vietnam, China, Indonesia, El Salvador or Uzbekistan and very lately India. Youngone enterprises in Bangladesh exports apparel and sportswear worth $1.2 billion, making them the single largest exporter in Bangladesh. In total Youngone exports apparel and sportswear worth $1.7bn to 20 global brands.

Sung's journey in Bangladesh began in 1980 with the establishment of a factory in the Chittagong Export Processing Zone (CEPZ). This venture was not without its challenges, including political unrest and natural disasters. However, his unwavering commitment to the country and its people never wavered. In 1991, after a catastrophic cyclone devastated Chittagong, Sung oversaw the recovery efforts, ensuring the factory's revival and reinforcing his steadfast dedication to the local workforce.

One of his most ambitious and visionary projects is the Korean Export Processing Zone (KEPZ) in Chittagong. This private sector-led initiative spans 2,492 acres and is designed as an eco-friendly industrial hub. KEPZ features extensive green spaces, a 40MW rooftop solar power project, as well as numerous reservoirs for environmental conservation and sustainable industrial practices. This monumental zone is expected to create employment for up to 20,000 people, significantly bolstering the local economy.

Beyond his industrial ventures, Sung has been a staunch advocate for corporate social responsibility. With his leadership, Youngone has implemented numerous initiatives, including extensive tree planting, water conservation projects, and community support programs in healthcare, education, and economic empowerment. These efforts underscore his deep commitment to sustainable development and improving the lives of the local populace. The Bangladesh government has recognized his contributions, with a cabinet member hailing him as a true ambassador of foreign direct investment in the country.

His vision has propelled Youngone Corporation to global prominence and brought substantial socio-economic benefits to Bangladesh. His enduring legacy is one of resilience, innovation, and an unwavering commitment to both economic growth and social responsibility, solidifying his status as a revered figure in industrial and social development.

His dedication to Bangladesh is evident in the continued expansion and innovation of Youngone’s operations. The DEPZ, CEPZ, and KEPZ establishments are testaments to his strategic foresight and ability to turn challenges into opportunities. By setting up these, Sung has created thousands of jobs, contributing significantly to the local economy and improving the livelihoods of many families. Moreover, his emphasis on sustainable development practices, such as implementing green technologies and conservation initiatives, highlights his commitment to environmental stewardship and sustainable growth.

Sung's impact extends beyond the economic sphere. His community development and social welfare efforts have set a benchmark for corporate responsibility. Through various programs, Youngone has provided local communities with healthcare, education, and financial support, fostering a spirit of empowerment and self-reliance. These initiatives have improved the quality of life for many and strengthened the social fabric of the regions where Youngone operates.

Those who have followed his career would all agree that Sung's contributions to Bangladesh are profound and far-reaching. His visionary leadership, unwavering commitment, people caring attitude, focus on details and relentless pursuit of excellence have left an indelible mark. Through his efforts, he has demonstrated that business success can go hand in hand with caring for the people at the work floors, social responsibility and environmental stewardship.

His legacy will continue to inspire future generations, not only in Bangladesh but around the world, as a shining example of what can be achieved through innovative entrepreneurship and deep commitment. Chairman Kihak Sung is a great investor, employment generator, and a critical synergy creator at the bottom of the pyramid.