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According to Yonhap News,
(SEOUL=Yonhap News) The Ministry of Trade, Industry, and Energy (MOTIE) held a New Year's Greeting Ceremony with about 250 attendes including Chairman Sung, Ki-hak of the Korea Federation of Textile Industries, and pledged a take-off of the textile and fashion industry this year at Textile Center in Samsung-dong on January 15.
At the event, a Director General for Materials and Components Industries of the MOTIE said that "the textile and fasion industry had been on the decline since 2014, but showed a sign of rebound last year despite internal and external challenges, signalling a take-off this year. To survive in current heated international competition, it is vital to secure outstanding technological prowess."
Exports of the textile and fasion industry products had dropped from USD 16.1 billion in 2014 to USD 13.7 billion in 2017, but increased slightly last year to USD 14.1 billion.
The director general went on to say that "the government will expand support for R&D to develop value-added and premium products such as advanced technical textiles and pioneer a new market. We will continue to endeavor to improve the production and distribution technology of the textile and fashion industry based on ICT, including establishment of online platform, big data, and personalized clothes".
He added that "we will resolve the issues raised on site, such as labor shortage and aging by developing smart manufacturing technology on dyeing, sweing, and shoes. Furthermore, we will srtive to turn the textile and fashion industry into an exemplary industry leading the fourth industrial revolution at the forefront".
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Source: Yonhap News (January 15, 2019)