The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has urged Hyosung Corporation, a leading South Korean industrial conglomerate, to invest in the backward linkages industries in Bangladesh, especially in the high value-added and non-cotton textiles sector.
BGMEA President Faruque Hassan made the call when a delegation led by him visited Hyosung Corporation in South Korea Friday.
The BGMEA delegation included its Vice-President Shahidullah Azim, Director Asif Ashraf; Managing Director of DBL Group MA Jabbar, Managing Director of Hams Group Md Shafiqur Rahman, and Director of Giant Group Ashaab Adeeb Hassan.
Nuzhat Anwar, senior country officer of the International Finance Corporation (IFC) Bangladesh, and Nishat Chowdhury, programme 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.
Faruque said Bangladesh has reached its peak in terms of producing cotton-based apparel. "So, the sector is increasingly focusing on tapping into the growing non-cotton garment sector."
"In this case, Hyosung can be a collaborative partner since it has to dominate the global market share for spandex," he added.
Hyosung Corporation is a comprehensive fibre manufacturer which produces the majority of leading world-class products such as creora, spandex yarn, aerocool and askin, polyester and nylon yarn throughout the fibre industry.