Korea plans to invest USD 27 million to boost fashion industry
In a bid to nurture premium fashion and lifestyle brands of the country, MOTIE , the South Korean Ministry of Trade, Industry and Energy has announced plans to invest around $27 million next year. Doubling the R&D budget and supporting the whole process, right from design to marketing for exports to other countries across the globe for seven categories which include furniture, bags, sports and leisure, accounts for an effort to boost exports of consumption goods.
In order to raise added value to fashion and apparel, the Korean Government will lend a helping hand to young designers in setting up their own businesses and will choose 200 promising designers and help them grow their international business by 2020. The Government also plans to promote new distribution platforms to assist 300 brands in showcasing their products at overseas online stores.