The Korea Federation of Textile Industries (KOFOTI) held a New Year’s gathering at the KOFOTI Building in Daechi-dong, southeastern Seoul, on Jan. 8, with roughly 300 people in the fashion and textile industries participating.

Among those on hand at the event were Prime Minister Kim Hwang-sik; Vice Minister of Knowledge Economy Yoon Sang-jik; Rep. Lee Wan-young of the Saenuri Party; KOFOTi Chairman Ro Hee-chan,; and KOFOTI Vice Chairman Kim Dong-soo. The participants pledged to take a step forward in the fashion and textile industries. 

KOFOTI Chairman Ro said in his speech, “The Korean fashion and textiles industries will do their utmost to achieve a target of $16.3 billion in exports this year by developing value-added new textiles, upgrading design and brand, and strengthening convergence with other industries and marketing activities in foreign countries.”

Prime Minister Kim said, “The government will spare no efforts in providing support in order to help the Korean textile industries, which have higher production induction and job creation effects and make the nation the global No. 4 powerhouse by 2020.”

In his New Year’s message earlier, Ro said, “Last year was a tough year in which the global economy continued to suffer higher variability and was faced with slow growth, while we saw our economy slow down somewhat. 

“The business environment changes in the years to come could be opportunities or a crisis for us, and our textile and fashion industries should make another leap forward by translating a crisis into opportunities, upgrading productivity based on a creative mindset,” he said.

To this end, Ro said, the industries should explore ways of resurging by producing differentiating products and nurturing global brands by making the most of the Free Trade Agreements with the United States, EU, and ASEAN that are in place.

Second, he said, the Korean textile and fashion industries should develop state-of-the-art new textiles and explore new value-added textile markets by accelerating their convergence with the automobile, aerospace, construction, medical, and shipbuilding industries. 

Third, he said, the industries should seek ways to promote shared growth and cooperation and collaboration among yarn, fabric, dyeing, garment, fashion, and other sectors.