When Kihak Sung, a young South Korean entrepreneur, first landed in Chattogram in 1979, Bangladesh was far from an ideal business destination. The infrastructure was inadequate, foreign investment was heavily restricted, and political instability loomed large. But what the country lacked in systems, it made up for in opportunity. Bangladesh’s quota-free access to European markets made it an attractive alternative for Korean exporters burdened by trade restrictions in the developed world.
While many Korean companies were considering India, Sri Lanka, or Pakistan, Kihak Sung made a bold choice—he picked Bangladesh.
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The Humble Beginning: Youngone in 1980
In May 1980, Sung partnered with local businessmen and established Youngone Bangladesh Limited. The venture began with modest resources—a small factory, just 250 workers, and a favorable first order from a Swedish buyer. Materials were hauled by hand carts from the port, forming kilometer-long queues. But despite the initial hardships, the operation flourished.
By 1984, Youngone was exporting $18 million worth of garments, proving that Sung’s bet on Bangladesh was more than just a gamble—it was the start of a new industrial chapter.
Rising Against the Odds
The early years weren’t without struggle. Political protests outside the factory, labor disputes within, and a challenging partnership dynamic led Kihak Sung to buy back the shares of his Bangladeshi partners in 1986. That same year, he relocated operations to the newly built Chittagong Export Processing Zone (CEPZ), seeking better infrastructure and stability.
Despite a slow start, Youngone steadily expanded in the CEPZ. The company rented multiple factory spaces and grew its capacity. An IPO in Korea in 1988 improved cash flow, enabling further investment—including a sprawling 100,000 sq ft factory by 1990.
But then disaster struck.
Surviving the Storm: 1991 Cyclone
In April 1991, a super cyclone ravaged the coastal areas of Chittagong, killing over 138,000 people and devastating Youngone’s facilities. Floodwater covered the factories; mud and debris rendered them unusable. Sung stayed behind to help salvage the operation. What he witnessed during that time changed his perspective.
“The workers wanted their jobs and were determined to keep us in Bangladesh. When I left after the recovery, they cried,” Sung recalled in an interview.
This emotional connection solidified Sung’s long-term commitment to Bangladesh. Orders poured in from buyers who admired Youngone’s resilience, and the company began to thrive like never before.
Vision for the Future: The Birth of Kepz
As Youngone expanded, CEPZ’s limitations became apparent. It couldn’t keep up with the scale and speed of Sung’s ambitions. The idea of a private Export Processing Zone took root during a JICA (Japan International Cooperation Agency) programme in the mid-90s, which proposed a new furniture EPZ in Anwara.
Encouraged by the Korean ambassador and inspired by the opportunity, Sung decided to take the lead.
What he found in Anwara was far from ideal—arid, sandy land often referred to as “Texas” by locals due to its dry, barren landscape. Water was scarce, and during the monsoons, the area flooded. But Sung saw beyond the obstacles.
By 1999, the government had acquired 2,500 acres of land for the Korean Export Processing Zone (Kepz). However, bureaucratic red tape slowed progress. Despite investing over Tk 100 crore, Youngone had to wait years for licenses, environmental clearance, and land mutation documents. But Sung remained undeterred.
Kepz: A Model Industrial Zone
In 2008, construction finally began. By 2011, the first factories became operational. Kepz introduced innovative water conservation methods, including rainwater harvesting and massive artificial water bodies capable of storing 500 million gallons annually. This not only provided sustainable water for operations but also protected surrounding villages from seasonal flooding.
Today, Kepz stands as a testament to Sung’s commitment to green, productive industry. With 50% of the land preserved for greenery, Kepz is envisioned as more than just a factory zone—it is a vibrant urban ecosystem built for healthy living and sustainable work.
“I cannot go away with Kepz,” Sung said. “I want to make it one of the best places to live and work.”
A Lasting Legacy
Today, Youngone Corporation employs around 90,000 people globally—72,000 of them in Bangladesh. The company is listed on the Seoul Stock Market, generating $2.5 to $3 billion in annual revenue, one-third of which comes from its Bangladesh operations.
Beyond business, Kihak Sung’s contributions were recognized at the Bangladesh Investment Summit 2025, where he was awarded honorary citizenship by Chief Adviser Dr. Muhammad Yunus—a fitting tribute to a man who gave decades of his life to build what few dared to imagine.
Honorary citizenship of Bangladesh
Kihak Sung, Chairman of Youngone Corporation and a trailblazer in Bangladesh’s readymade garments (RMG) and textile sectors, was awarded honorary citizenship on April 9, 2025, in recognition of his exceptional contributions to the nation’s economy and industrial growth.
The honorary citizenship document was formally presented by Chief Adviser Professor Muhammad Yunus during the Bangladesh Investment Summit 2025, held at the InterContinental Hotel in Dhaka.
Sung was among five distinguished individuals and organizations honored for their impactful roles in shaping Bangladesh’s development trajectory. Reflecting on the recognition, Sung expressed heartfelt appreciation: “I am truly honoured to receive this honorary citizenship.”
Born in 1947 in Seoul, Sung earned his degree in international economics from Seoul National University before entering the world of global trade through Seoul Trading. This early exposure to international markets paved the way for his entrepreneurial journey and ultimately, his long-standing partnership with Bangladesh.
Last Lines
Kihak Sung’s story is not just about business success—it’s a story of resilience, foresight, and unwavering belief in people. It reminds us that transformative change often begins with a bold idea, nurtured through years of grit, guided by vision, and carried out with heart.
Bangladesh’s garment industry might have many heroes—but in the chronicles of industrial progress, Kihak Sung’s name will forever shine as a pioneer who turned dreams into factories, and factories into futures.