South Korean Ambassador in Dhaka Lee Yun-Young on Thursday said the readymade garment (RMG) sector in Bangladesh could thrive further through diversification of its export destinations.
The RMG industry in the country has largely been depending on the buyers of its major export destinations – Europe and the United States – and diversification of the export destinations could prove to be more rewarding than the status quo, he said.
Lee Yun-Young was delivering a lecture on a topic, titled ‘All About Korea and Korea-Bangladesh Relation’, at Bangladesh Institute of International and Strategic Studies (BIISS), as the third lecture of the BIISS Country Lecture Series.
The South Korean envoy said the volume of RMG goods import by South Korea is worth US$ 6 billion a year, mostly coming from China and Indonesia.
“RMG manufacturers can find good partners in Korea… there’s room for it,” he said.
According to information of the Export Promotion Bureau (EPB), the country exported garments worth around US$ 21 billion in the fiscal 2012-2013. Of the amount, nearly US$ 15 billion was exported to the USA, Canada and EU countries.
Speaking on the occasion, BIISS director general SM Shafiuddin said both Korea and Bangladesh are now closely working in the fields of trade, investment and human resource development, and there is an ample scope for further expanding and developing the partnership in the coming days.
Source: UNB Connect
