Korean govt to spend 30bn won to boost fashion industry

The South Korean ministry of trade, industry and energy has announced that the government will spend 30 billion won ($27 million) next year to nurture premium fashion and lifestyle brands, The Korea Herald reported.

The government intends to boost export by doubling the R&D budget and support the whole process from design to marketing for export, for seven categories, including bags, and sports and leisure.

In the fashion and apparel category, the government will help young designers to start their own businesses. It will select 200 promising designers and help them grow their international business by 2020.
The government also has plans to assist 300 brands in showcasing their products on overseas e-commerce platforms.

“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,” said vice minister Lee Kwan-sup.