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. Throughout the paper the researchers identify key challenges that Bangladesh faces from the beginning of a planning to execution of effective skills development strategies. The paper figures out one of the key enabling factors, innovative government intervention in skills development strategy, which led to Korea’s miraculous economic transition. Utilizing mostly qualitative research methodology the comparative study discusses the dramatic significance of skilled labour in Korean economic transition and how Bangladesh can be benefited from Korea’s sustainable growth take-off.