The paper aims to investigate the current growth challenges of Bangladesh and also the success strategies of Republic of Korea in transforming itself from poverty to prosperity. Another purpose of this exploratory study is to examine how Korean growth experience can act as a guiding force for Bangladesh, one of the least developed countries in the world, striving to earn the status of a middle income country by 2021. Another aspect of the paper is to investigate key challenges that Bangladesh currently faces from the beginning of a planning to execution of effective skills development strategies. The study uses qualitative research methodology with comparative study between South Korea and Bangladesh. The study figures out that innovative government intervention in skills development strategy, one of the key enabling factors that led to Korea’s miraculous economic transition, can bring significant changes in Bangladesh skills development scenario. Besides, a number of innovative policies are discussed in this paper including adoption of integrated approach with academicians for human resource utilization; collaboration with local chaebols to identify future skill trends and assess training needs; state led forecasting power to plan, perform, and observe every single aspects of human resource planning. Indeed, in today’s competitive global environment it is high time Bangladesh should adopt good governance, prioritize sustainability in administrative, industrial, and human capital development.