6 New Growth Engines
Korea is the world's 4th largest textile exporting country. The textile industry, which once led Korea's exports, is no longer simply the manufacturing industry of the past. The fashion industry is being cultivated as a high value added industry. Having recognized that design is the key competitive factor for this industry, Seoul is actively supporting fashion design and promoting it as a key industry.
The market potential of Seoul's fashion design industry is substantial. This is because 50% of Korea's textile manufacturers and 83% of all wholesalers are located in the city. However, compared with other major fashion cities of the world it is less competitive.
The SMG set up the Seoul Fashion Design Center and equipped it with a fashion information system to cultivate fashion professionals. The city is also focusing on creating Korea's own fashion brands, while vigorously carrying out overseas marketing activities. Seoul is also expanding its support of the development of the "Seoul Collection" as one of the world's top collections.
The worldwide design revolution has made ‘collaboration’ the key word in the fashion industry. Just like convergence in the digital industry, designers and brands across industries are creating high value added products. Korean companies lead the way where collaborative efforts between the fashion and ICT industries are concerned.
As it is the global leader in the convergence of the ICT and digital industries, Seoul is confident that it can secure a world-class competitiveness in fashion design through collaboration with other industries. The fashion design industry is a high value added industry, and it is also becoming the key industry for Seoul.