Jungjingong and Seomsanryeon Collaborate Across the Board to Propel the Textile and Fashion Industry Forward

From Policy Funds and Export Support to Workforce Assistance and Global Carbon Regulation Response

The Small and Medium Business Corporation (SBC) announced on the 20th that it has signed a business agreement with the Korea Federation of Textile Industries (KOFOTI) to support small and medium-sized enterprises (SMEs) in the domestic textile and fashion sector.

This agreement was promoted to address major issues faced by small and medium textile and fashion companies, such as reduced facility investment, management difficulties due to high inflation and high interest rates, and labor shortages, and to establish measures to enhance competitiveness in the global market.

At the signing ceremony, about 10 officials including Kang Seok-jin, Chairman of SBC, and Choi Byung-oh, Chairman of KOFOTI, attended to seek support measures for the sustainable growth and industrial transformation of the domestic textile and fashion industry.

Jungjingong

Additionally, with the recent rise in environmental awareness among companies and consumers, the two organizations discussed the introduction of ESG (Environmental, Social, and Governance) management in the textile and fashion sector and ways to jointly utilize the infrastructures they possess.

Details include ▲ promoting facility investment and cooperating on policy fund support for textile and fashion SMEs ▲ mutual cooperation to strengthen export competitiveness ▲ training of specialized personnel in textile and fashion ▲ active cooperation to realize ESG and carbon neutrality for sustainable management of SMEs.

In particular, SBC is operating policy funds for SMEs worth 5.1 trillion won this year and is promoting projects such as export vouchers, the Corporate Workforce Difficulty Center, and consulting for responding to the Carbon Border Adjustment Mechanism (CBAM), planning to expand cooperative relationships to help textile and fashion SMEs leap forward.

Chairman Kang Seok-jin said, “The domestic textile and fashion industry accounts for about 10% of the entire manufacturing sector, and since two-thirds of the produced finished products are exported, SBC’s support is necessary to build global competitiveness,” adding, “We will continue to strengthen collaboration for the introduction of ESG management and sustainable growth of textile and fashion SMEs.”

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