CFC Explores Collaboration with Youngone Corporation to Advance “Humanizing Value Chain” in Garment Industry
Chittagong, Bangladesh, 06 February 2025 – Ambassador Sheikh Mohammed Belal, Managing Director of the Common Fund for Commodities (CFC), met with Mr. Kihak Sung, Chairman and CEO of Youngone Corporation, during a visit to Bangladesh. Their discussions centered on potential collaboration to promote sustainability, transparency, and worker welfare in the garment value chain. Dr. Dilruba Nasrin, spouse of Ambassador Belal, also attended the meeting.
Mr. Kihak Sung, a visionary entrepreneur and lifelong advocate for worker welfare, has distinguished himself as a pioneer in the global garment industry. His courage and innovative spirit have transformed marshy lands into thriving industrial oases, such as the Korean Export Processing Zones, which have become symbols of sustainable development and economic empowerment. Under his leadership, Youngone Corporation has not only established Bangladesh as a major global exporter of ready-made garments but has also significantly improved the lives of countless garment workers and their families.
Youngone Corporation’s unwavering commitment to worker welfare is exemplified by its recent establishment of a state-of-the-art, 100-bed hospital equipped with Korean technology. This facility provides free medical care to workers and their families, underscoring the company’s dedication to the well-being of its workforce. Such initiatives highlight why Youngone is the ideal candidate for the CFC’s pilot project on “Humanizing the Value Chain,” which aims to enhance transparency, fairness, and sustainability in global supply chains.
During the meeting, Ambassador Belal introduced the CFC’s groundbreaking initiative, “Humanizing the Value Chain,” which leverages blockchain technology and digital tools to improve supply chain transparency. A key feature of this initiative is digital tipping, which directly connects consumers with garment workers, ensuring fair compensation and increasing workers’ income.
As part of the visit, Mr. Sung graciously provided Ambassador Belal and Dr. Nasrin with a comprehensive tour of Youngone’s garment production facilities and the Export Processing Zone. The tour showcased the company’s innovative practices, sustainable industrial development, and its deep commitment to creating a positive impact on workers’ lives.
The meeting concluded on a highly promising note, with both parties reaffirming their commitment to strengthening collaboration. The CFC looks forward to partnering with Youngone Corporation to advance their shared vision of promoting transparency, fairness, and sustainability in the global garment industry.
Mr. Kihak Sung’s lifelong dedication to worker welfare, coupled with Youngone’s pioneering initiatives, makes the corporation a natural leader in the movement to humanize global value chains. This collaboration marks a significant step toward creating a more equitable and sustainable future for garment workers worldwide.