The South Korean Ministry of Trade, Industry and Energy (MOTIE) has recently announced its plans to invest around US $ 27 million next year in a bid to nurture premium fashion and lifestyle brands of the country. Doubling the R&D budget and supporting the whole process – 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.
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, in order to raise added value to fashion and apparel. The Government also plans to promote new distribution platforms to assist 300 brands in showcasing their products at overseas online stores.
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“Based on our strength in technology and the popularity of Korean culture, we expect Korean fashion, apparel and lifestyle industries to grow to provide a momentum for exports,” states Lee Kwan-sup, Vice Minister, MOTIE.
