South Korea announces $1bn in fashion sector support
South Korea’s ministry of trade, industry and energy (MOTIE) announced emergency stabilisation funding for the country’s 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 before an audience of 250 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.
