2020 Textile and Fashion Industry New Year's Meeting Held

[Asia Economy Reporter Moon Chaeseok] The Ministry of Trade, Industry and Energy and the Korea Federation of Textile Industries announced on the 7th that they held a New Year's greeting event for the textile and fashion industry at the Textile Center in Samseong-dong, Seoul.

About 300 people from the textile and fashion industry, including Yoo Jung-yeol, Director General of the Ministry of Trade, Industry and Energy, and Sung Ki-hyuk, Chairman of the Korea Federation of Textile Industries, attended the event.

Director Yoo reflected that although exports of our textile and fashion industry last year amounted to $13 billion, down 7.9% from the previous year, there was hope found through large-scale investment in the carbon fiber sector and growth in industrial textiles.

Hyosung announced in August last year that it plans to invest 1 trillion won in the carbon fiber industry by 2028. Huvis sold 3,400 tons of polyphenylene sulfide (PPS), surpassing Japan's Toray with 2,900 tons. Its global market share is 25%, ranking first.

Director Yoo forecasted that while external uncertainties such as the US-China trade agreement are expected to ease this year, fundamentally, our textile and fashion industry, having passed the maturity stage, faces tough competition with developing countries.

He added that the government will actively support the textile and fashion industry to gain competitiveness as a high value-added, smart, and eco-friendly industry by steadily implementing the Dongdaemun and textile measures announced in April and June last year.

The government plans to support the development and commercialization of core technologies for high value-added industrial textile materials such as carbon fiber and super fibers to increase the industry's value-added.

From this year, support will also be provided for opening ICT convergence personalized clothing stores and developing core technologies for sewing, dyeing, and shoe speed factories.

Plans include support for technology development and consulting to establish a clean factory that removes environmental pollutants in the manufacturing process throughout all cycles of textile fashion, and a recycling fiber ecosystem using waste plastics.

This content was produced with the assistance of AI translation services.