Youngone’s Kihak Sung assumes ITMF presidency

Kihak Sung, chairman of Youngone Corporation, has taken over as president of the International Textile Manufacturer's Federation (ITMF) for the 2018-20 term, reports UNB.

He led Youngone as a pioneering investor in Bangladesh's readymade garments and textiles sector.

Kihak Sung assumed the presidency at a glittering gala dinner at the National Museum in Nairobi, Kenya, said a press release.

The ITMF conference, the biggest gathering of international textile manufacturers from all over the world, was held in Nairobi this time.

Over 300 textile luminaries attended the conference, which was inaugurated on 7 September and concluded on 9 September 2018.

The ITMF is one of the oldest non-governmental organisations, founded in 1904 with its headquarters in Zurich, Switzerland.

"This indeed is not only a great honour for Korea but also for Bangladesh and its 80,000 workforce," said the release.

Kihak Sung's rise in the textile arena is associated with the success of Youngone Corporation, over the years, as a pioneering investor in RMG and textile sector foreign direct investment (FDI). He led investments both in Chattogram and Dhaka EPZs and of late in Korean EPZ.

Youngone was the first investor in the textile and apparel export sector in May 1980 and has been a pioneer in female employment in the industry.

Almost all other subsequent investors from Korea followed in Youngone's footstep to invest in Bangladesh.

Its production of world famous brands has greatly enhanced the image of Bangladesh in the garment and textile sector, the press release said.

Because of his invaluable contribution to the development of apparel and textileindustry and the national economy of Korea, Kihak Sung was conferred upon the highest class of the "Order of Industrial Merit Gold Tower" by the President of Korea in 2008.

This was followed later by his election to the top post as Chairman of the Korean Federation of Textile Industries (KOFOTI), a post which he still holds.

His dynamic leadership and steadfast policies led to the emergence of Youngone Corporation as one of the most reputable and recognised multinational companies which has successfully spread its wing across the globe in Korea, USA, Switzerland, Vietnam, China, India, Uzbekistan, San Salvador and Ethiopia.