Bangladesh’s apex garment makers’ body – Bangladesh Garment Manufacturers and Exporters Association (BGMEA) has recently signed a deal with the Korea Federation of Textile Industries (KOFOTI), aimed principally at promoting trade and investment, particularly in the apparel and textile sector, of the two countries.
According to reports, BGMEA President Faruque Hassan and KOFOTI Chairman Sang Woon Lee signed a memorandum of understanding (MoU) in this regard at Seoul recently even as the BGMEA Chair on his part underlined South Korea is one of the emerging markets for Bangladesh in the East Asian region while adding, “We have identified innovation, diversification and technological upgradation as the key strategic priorities for our future growth,” even as he opined a collaboration between Bangladesh and South Korea is crucial as such.
The MoU includes more cooperation in the areas of exchange of information and discussion of trade issues between South Korea and Bangladesh, further maintained reports while also adding the collaboration also seeks to promote direct or joint venture investments from South Korea to Bangladesh in high-end garment items, non-cotton textiles, woven textiles and garments, and skills development and innovation.
