The Ministry of Trade, Industry and Energy and the Korea Federation of Textile Industries (KOFOTI) hosed in a New Year’s gathering for CEOs in the textile and fashion industry at the Textile Center in Seoul on Jan. 5.
Among roughly 300 people on hand at the event were KOFOTI Chairman Sung Ki-hak and Minister of Trade, Industry and Energy Yoon Sang-jick.
KOFOTI Chairman Sung said in a speech, “The Korean fashion and textile industry will have to lead the market with innovative products to overcome fierce global competition and a rapidly changing trade environment.” He called for people in the industry to devote themselves to developing new products, improving technological power and conducting marketing activities.
Looking back on 2015, MOTIE Minister Yoon said in a commemorative speech that he extended thanks to the industry’s strenuous efforts in exporting $14.3 billion despite the outside and inside hardships.
Regarding the external and internal business circumstances this year, Minister Yoon forecast that the global economy and trade are recovering thanks to steady growth in the United States, albeit at a slow pace. However uncertainties persist with a delayed recovery in China, Brazil and other emerging economies, and a decline in textile and fashion unit prices, caused by the prolonging of low crude oil prices.
Citing the Korean textile and fashion industry’s ability to overcome hardships whenever faced by crises, MOTIE Minister Yoon said the Korean fashion and textile industry could increase exports this year more than last year if it makes the most of positive factors, including the effectuation of FTAs with such countries as China and Vietnam. The government plans to work out diverse steps to help the Korean fashion and textile industry expand exports and make a leap forward, Minister Yoon said.
The ministry said it plans to nurture global fashion brands so that the Korean fashion and textile industry can strengthen its presence in such overseas markets as China, Southeast Asia and North America, as well as assist fashion and textile companies’ participating in major international exhibitions.
The government is implementing “smart factory” and other projects to induce productivity under the so-called Manufacturing Innovation 3.0 Strategy Initiative. It plans to support the industry’s factory innovation through ICT convergence and nurture the advanced, eco-friendly declining industry and rejuvenate collaboration among fashion and textile streams.
The government plans to foster high-performance, highly functional garments and textile materials, as well as carbon textile and other super-light materials for automobiles and other industries. They will explore new markets by invigorating the interconnectedness of the industrial textile, fashion and textile consumer industries.
The government strives to cultivate promising Korean designers by expanding such competitions as the Korean Fashion Design Contest and foster gifted manpower who specialize in “super textiles” and other new textile arenas.
The ministry calls for the industry to renew awareness toward the fashion and textile industry, recognizing the industry as an advanced one. It urges the industry to cultivate global “hidden champions” by implementing programs to promote collaboration among industry, academia and research circles in making the fashion and textiles industry value-added and global with the goal of the nation becoming a global fashion and textile powerhouse.
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