Avery Dennison has launched a manufacturing facility in Bangladesh in partnership with Youngone Corporation.
The 2,052-sqm unit, located in the Korean Export Processing Zone (KEPZ) in Chattogram, will enable strong service quality and flexibility to local customers, the partners announced on Sunday.
Chairman and CEO of Youngone Corporation Kihak Sung said the investment in KEPZ will give a competitive edge to Avery Dennison in terms of speed and flexibility to serve its clients with reduced business cost and lead time.
“It gives me immense pleasure to welcome Avery Dennison as one of the investors in Korean EPZ (KEPZ), the leading eco-friendly EPZ in this region. Avery Dennison and Youngone will partner on backward linkage industries for apparel and textile,” he said.
In today’s fast-paced business world, a “do-it-alone” approach is not the best strategy for growth, Sung said.
Harnessing the strengths and abilities of others from different areas is one of the most strategic ways for businesses to promote innovation and solve complex challenges by merging talent, expertise and technology, he said.
“I’m confident that Avery Dennison, with its high-quality products and international prestige, will grow together with Youngone and other business partners. We’ll extend all possible support and cooperation to Avery Dennison to move forward in achieving its business goal.”
Highlighting the potential benefits of this project, Vice President and General Manager, South Asia, Avery Dennison Kenny Liu said this manufacturing unit is a remarkable step forward as they expand their capabilities to serve the local market, as well as global customers.
“We thank Youngone for their support to set up this site within the KEPZ, which enables us to better serve Youngone and our Chattogram customers and support their need for speed in today's highly dynamic market,” Kenny Liu said.
The KEPZ, set up by Youngone in 1999 on the bank of Karnaphuli, hosts the largest (40Mw) rooftop solar project in Bangladesh, to power industrial activities with renewable energy, while over 2.5 million trees have been planted, covering about 400 species.