The winners of 22nd Bangladesh Business Awards

Kihak Sungchairman & chief executive officer, Youngone Corporation

LIFETIME ACHIEVEMENT AWARD
 
Kihak Sung, chairman of Youngone Corporation, is a pioneer in Bangladesh’s readymade garments and textile sectors, playing a crucial role in the country’s rise as a major global exporter.
Born in 1947 in Seoul, Korea, Sung pursued a degree in international economics from Seoul National University, after which he engaged in international trade through Seoul Trading. This ignited his entrepreneurial ambitions, leading him to establish Youngone Corporation in 1974.
In 1980, Sung made a groundbreaking move by setting up Bangladesh’s first foreign-owned apparel manufacturing plant in Chattogram. This was the beginning of Bangladesh’s transformation into a hub for garment production.
Youngone’s factories, located in Dhaka and Chattogram’s export processing zones, produce high-quality jackets, trousers, sports shoes and leather goods for international markets.
At present, the company employs about 70,000 people across Bangladesh, making it one of the country’s largest employers.
One of Sung’s most significant contributions to Bangladesh is the development of the Korean Export Processing Zone (KEPZ) in Chattogram.
KEPZ, which Sung acquired in 1999, stands as a prime example of Sung’s commitment to sustainable industrial growth.
The zone has planted 2.7 million trees, created 33 water bodies to conserve 500 million gallons of rainwater and established 43 state-of-the-art factories, all part of the “Blue & Green” initiative.
Additionally, KEPZ is working on a 40 MW rooftop solar power project, making it one of the largest in the global textile industry.
Currently, the factories in KEPZ collectively export goods worth $400 million annually.
Beyond his work in Bangladesh, Sung has been deeply involved in global and Korean textile leadership.
He has held various prestigious roles, including chairman of the Korea Federation of Textile Industries and president of the International Textile Manufacturers Federation.
SK Bashir UddinManaging director, AkijBashir Group 

BUSINESS PERSON OF THE YEAR 2023 
 
Sk Bashir Uddin, born in 1974 in the village of Navaron, Jessore, stepped into the world of business under the stern guidance of his father, Sheikh Akij Uddin.
While his peers celebrated the completion of their matriculation exams in 1988, Bashir was summoned by his father to join the family business.
His journey began humbly, earning a modest Tk 300 a month as a stationery purchaser. From sourcing books and pens to overseeing corporate expansions, his ascent in the Akij Group was methodical and earned through merit, not familial privilege.
By the age of 32, following the death of his father, Bashir was appointed managing director of the Akij Group. He described his father as a “tough boss” whose exacting standards taught him values, ethics and the importance of listening to every voice in the company.
Akij Group saw significant growth under his leadership, particularly with his modernising of the tobacco division, a project that involved a Tk 1,000 crore investment.
In 2018, Bashir made his boldest decision: selling the group’s flagship tobacco business for $1.47 billion, marking Bangladesh’s largest foreign direct investment.
The decision was driven by both family concerns and the strategic need to focus on non-tobacco ventures, which were flourishing.
Following the sale, Akij Group was restructured, and Bashir formed AkijBashir Group, focusing on diverse industries such as ceramics, steel and polymers.
His vision is rooted in sustainable growth, with projects like AkijBashir Glass, which draws 71 percent of its electricity from renewable sources.
Bashir’s leadership is grounded in fairness, integrity and a commitment to employee welfare.
His ultimate goal is to build a just society and a business legacy that fosters innovation and solves problems, all while maintaining a strong ethical foundation.
Kyaw Sein Thay DollyManaging director, Cloth “R” Us Ltd 

OUTSTANDING WOMAN IN BUSINESS 2023
Kyaw Sein Thay Dolly, managing director of Cloths R Us, exemplifies resilience and determination in the face of adversity.
Born in Patharghata, Chattogram and raised in Cox’s Bazar, Dolly’s dreams of attending a reputed university were crushed when her father was paralysed in 1994, ending the family’s screen-printing business.
Her bedridden father advised her to pursue a Bachelor of Commerce pass course at Tejgaon College instead, believing it would allow her to enter the workforce sooner and support her family of five.
Dolly graduated in 1996 and joined Li & Fung as an assistant merchandiser in 1997.
Despite being offered a higher-paying position as a personal secretary, Dolly chose the lower-paying assistant role, recognising the potential for long-term career growth.
Over the next 13 years at Li & Fung, she honed her skills and pursued further education, completing an MBA by 2003.
“My MBA degree was a turning point in my life,” she said, giving it credit to shaping her entrepreneurial mindset.
Her career progressed rapidly, with leadership roles at PVH and later as country manager for MS Mode and MGF Sourcing in Jakarta. By 2016, Dolly was directing MGF’s operations in Bangladesh. Yet, her ambitions extended beyond corporate leadership.
She founded her own garment buying house in 2019, Cloths R Us using Tk 1 crore from the sale of family land.
Despite the challenges posed by the pandemic, Dolly’s business hit $10 million in turnover by 2022.
Cloths R Us is committed to sustainability, focusing on garments made from bamboo fibre, organic cotton and Better Cotton Initiative-certified materials.
Dolly, a prominent figure in the Rakhine community, leads the Bangladesh Rakhine Buddhist Welfare Association in Dhaka and actively supports education for underprivileged children.
Her vision for the future includes expanding her business to $30-50 million by 2026, setting up a garment factory and pioneering sustainable fashion with recycled materials.
BEST FINANCIAL INSTITUTION OF THE YEAR 2023

Pubali Bank has transformed from a troubled institution to one of Bangladesh’s leading private banks over the last six decades.
Established in 1959 as Eastern Mercantile Bank, the lender faced numerous challenges, including a nationalisation period after Bangladesh’s independence that significantly affected its corporate governance.
In 1984, the bank was privatised and renamed Pubali Bank. By 2005, its defaulted loans soared to 54 percent, making it a “problem bank”.
Under the guidance of Bangladesh Bank, which appointed an observer to monitor its operations, Pubali Bank started its journey of reform.
According to the bank’s managing director and CEO Mohammad Ali, the board’s focus on improving corporate governance and mindset played a critical role in the turnaround.
It took 21 years for the bank to resolve its governance issues, but the lessons learned during that period helped establish a strong foundation for future growth.
The central bank withdrew its observer in 2007, signalling that Pubali had regained stability.
At present, Pubali is the largest private bank in Bangladesh, with 504 branches, 195 sub-branches and 21 Islamic Banking windows, supported by the country’s largest real-time centralised online banking network.
As of 2023, the bank’s deposits stood at Tk 60,629.64 crore and loans Tk 55,449.55 crore.
It has also cut back on its defaulted loans remarkably: from more than 35 percent in 2000, the ratio came down to just 2.86 percent in 2023 — one of the lowest in the banking sector.
Pubali’s success is attributed to strong governance, prudent lending practices and its commitment to financial and digital inclusion.
The bank has been at the forefront of digital banking, which has expanded its portfolio and enhanced customer confidence.
BEST ENTERPRISE OF THE YEAR 2023

In 1952, Akberali Africawala and his brothers formed the Bangladesh Steel Re-rolling Mills (BSRM) Group, which has since evolved into Bangladesh’s leading steel conglomerate.
The company’s roots can be traced back to a handful of Gujarati merchants, including Akberali’s father, Alibhai Khanbhai, who migrated to Africa and later returned to the Indian subcontinent for trade.
After the partition in 1947, Akberali and his family settled in Karachi, Pakistan, where they engaged in the hardware trade.
However, during a visit to Chattogram, the family saw potential in the steel sector and decided to establish a steel plant.
The Africawala family’s first steel mill, the East Bengal Re-rolling Mill, was set up in Chattogram in 1952. While other similar ventures struggled, the Africawala brothers succeeded.
After the liberation of Bangladesh in 1971, their plant was nationalised but later returned to the family, which was the beginning of a new chapter of BSRM Group.
Under the leadership of Akberali’s son Alihussain Akberali, BSRM transitioned from manual operations to high-tech production, introducing innovations like Grade 60 steel bars.
This product got a good response in Bangladesh’s construction sector by offering better earthquake resistance and cost savings. Over the next few decades, BSRM continually expanded its production capabilities and introduced new, specialised products.
By 2008, BSRM had installed a modern re-rolling plant in Fouzderhat that churned out the country’s first Grade 500 steel bars. In the following years, the company expanded further, with its production capacity reaching 2.4 million tonnes annually by 2023.
At present, under the management of Akberali’s grandson Ameir Alihussain, BSRM continues to push boundaries with innovative products, massive expansions and a robust workforce of over 4,500 employees.
Through decades of innovation and determination, BSRM has transformed itself into a leader in the steel industry.