South Korea announces $1bn in textiles support - sportstextiles: Lea SportsTextiles

News

South Korea announces $1bn in textiles support

06/01/2023
South Korea’s ministry of trade, industry and energy (MOTIE) announced emergency stabilisation funding for the country’s textile and fashion industry on January 6, local media have reported. 

In a speech to mark the new calendar year, first vice-minister Jang Young-jin pledged financial support to the tune of $1 billion (1.25 trillion South Korean won) before an audience of 250 clothing industry stakeholders.

The monies are intended to ease the macroeconomic burden on the private sector in the current climate, he said, to help foster a greater sense of security among the nation’s workforce via various support measures.

Mr Jang further revealed that MOTIE would publish its strategy to “modernise” the industry, including plans to digitise, become eco-friendlier and develop new advanced industrial technologies, during the first half of the year.

Related stories:

Rubi onboards first brand partners, new investors 03/03/2023
Snow Peak continues Korean ‘Green Peak’ line 30/01/2023
Merrell Korea in closer alignment with Japan 10/01/2023
AI vision systems spot 100-plus defects in real time 09/01/2023
Hyosung makes major year-end donation 21/12/2022
K2 adds Thindown to new winter shoe range 16/12/2022
TNF Korea is ‘number one’ for tenth year running 12/12/2022
Global marketing director role brings executive back to Hyosung 12/12/2022
Andar wins national ESG award 17/11/2022
Gore-Tex’s Pitti Uomo show lands in Seoul 11/11/2022

Sportstextiles.com cannot be held responsible for content if the language setting is changed from English.

The translations provided by Google Translate are automated and therefore might not be accurate and may contain incorrect, offensive or misleading language. We offer this facility as a guide only.