South Korea-headquartered Youngone Corporation chairman Kihak Sung has taken over the presidency of the International Textile Manufacturers’ Federation (ITMF) for the 2018- 20 term. Sung was appointed to the position during a glittering gala dinner at the National Museum of Kenya in Nairobi. He was one of the vice presidents in the previous committee
Youngone was the maiden foreign investor in the textile sector in Bangladesh, Asia. Almost all other succeeding investors from Korea followed to invest in Bangladesh. Its production of world famous brands has dramatically enhanced the image of Bangladesh in the textile sector.
Due to his invaluable contribution to the development of the textile industry in Korea, Sung was bestowed with the “Order of Industrial Merit Gold Tower” by the President of Korea in 2008. This was later succeeded with his election to the chairmanship of the Korean Federation of Textile Industries, a position he still holds.
The changes of the guard also saw Mrs. Michelle Tjokrosaputro, CEO Danliris Group, appointed to the ITMF board. This made her the first woman and Indonesian representative to the board.
Nairobi hosted the 2018 edition of the ITMF conference, the biggest gathering of international textile manufacturers from all over the world, from 7th- 9th September.
The Nairobi edition which addressed global challenges and opportunities facing the industries, attracted more than 300 world’s leading experts, manufacturers, buyers, and investors.
While speaking during the dinner, immediate former ITMF president, Jas Bedi, noted that Kenya’s textile industry needed shorter lead times. He further stressed the necessity of investing in technology to extend Africa’s supply chain.
On his part, Hon Peter Munya, Cabinet Secretary for Industrialization, while representing President Uhuru Kenyatta in the opening ceremony, encouraged investments as Africa’s population was expected to double by 2050.
The final day of the gala saw Kenyan investors presenting critical factors as to why Kenya is an attractive destination for investment. They pointed out the country’s high labor productivity, favorable market access, government’s plan to subsidize energy costs and declining logistics price as some of the reasons foreign investors should put money in the country.
The ITMF is one of the pioneer non-governmental organizations, founded in 1904 with its headquarters sitting in Zurich, Switzerland.