The Bangladesh Garment Manufacturers and Exporters Association (BGMEA) signed a memorandum of understanding (MoU) with the Korea Federation of Textile Industries (KOFOTI) to facilitate mutually beneficial cooperation for the development of business, trade and investment, particularly in the apparel and textile industries of the two countries.
The MoU involves extending cooperation in the areas of exchange of information and discussion of trade issues between Bangladesh and Korea, reads a press release.
The collaboration also seeks to promote direct or joint venture investments from Korea to Bangladesh in non-cotton textiles, high-end garment items, woven textile and garment, skills development and innovation.
BGMEA President Faruque Hassan and Chairman of KOFOTI Sang Woon Lee inked the MoU on behalf of their respective organizations in Seoul, Korea on October 24.
BGMEA Vice President Shahidullah Azim, Director Asif Ashraf, Director General of Korea Trade-Investment Promotion Agency (KOTRA) Jong Won Kim, Vice President of Korea Fashion Industry Association Kim Sung Chan, Executive Vice Chairman of KOFOTI Soyoung JOO, General Director of Korea Textile Trade Association (KTTA) Jung-kee Lee, Managing Director of DBL Group M. A. Jabbar, Managing Director of Hams Group Engr. Md. Shafiqur Rahman and representatives of Korean fashion industry were also present on the occasion.
Terming the MoU between BGMEA and KOFOTI very significant, Faruque Hassan said the understanding will play a pivotal role in deriving more mutual trade benefits for both Bangladesh and Korea through collaboration, especially in the area of apparel and textile industry.
South Korea is one of the emerging markets for Bangladesh in the East Asian region, he said.
As we have identified innovation, diversification and technological up-gradation as the key strategic priorities for our future growth, collaboration between Bangladesh and South Korea is really crucial, he remarked.
Faruque Hassan invited all the participants present at the MoU signing ceremony to the Made in Bangladesh Week which will be organized by BGMEA on 12-18 November in Dhaka to promote Bangladesh and the RMG industry by showcasing its strengths and encouraging stories internationally.