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Published : 09 Apr 2025, 03:03 PM
The interim government has granted Chairman of Seoul-based Youngone Corporation Kihak Sung honorary citizenship of Bangladesh for his significant contribution to the economy of the country.
Alongside Sung, the government awarded four organisations with the Excellence in Investment Award for their special contribution on Wednesday.
Chief Advisor Muhammad Yunus presented the awards at the Investment Summit at the InterContinental Dhaka hotel on Wednesday.
Fabric Lagbe Ltd received the award for innovation, Walton and bKash for foreign investment and Square Pharmaceuticals in the domestic institution category.
A trailblazer of the country’s ready-made garment and textile sector, Sung said after receiving the award: “I’m truly proud and grateful after receiving honorary citizenship.”
Having arrived in Bangladesh in the mid-1980s, Sung was the pioneer of foreign investment among garment industry entrepreneurs in Bangladesh.
As his engagement in the economy grew, so did his contribution to the development of Bangladesh's industrial sector, employment, and foreign income.
He established the Korean Export Processing Zone (KEPZ) in Anwara, Chattogram, which now contains 48 Youngone factories.
According to National Board of Revenue data, the Youngone Corporation exported goods worth $862 million from Bangladesh in the 2023-24 fiscal year, including clothing worth $806.4 million.
A team of Korean investors took a tour of the KEPZ in Chattogram as part of this year's Investment Summit. Sung was the orchestrator of the visit.
The delegation of investors met with the chief advisor on Tuesday, promising big investments in Bangladesh.
