The South Korean government will be injecting 1.5 trillion won ($1.3 billion) in the textile industry in an attempt to turn the fabric and apparel-based industry into an industry based on high value-added, technologically advanced materials by 2020.

The Ministry of Knowledge Economy (MKE) announced on Wednesday that the government will team up with academia, business, and research institutes to lay down a roadmap for the new textile industry. Most of the investments will be funneled into four categories: super textiles that are stronger than steel, high-function nano textiles grafted with nano technology, smart textiles incorporating IT technology, and environment-friendly textiles.

“By channeling our resources, we hope the textile industry will bridge the technology gap with advanced countries (four to seven years) by 2020. We are also planning to expand total employment by the sector from 250,000 to 340,000,” said a government official. Another main goal is to expand textile exports to $21.2 billion to win fourth rank in the world for textiles.

The potential of the textile market is the main reason for the active support offered by the government. Demand for super light, high-strength, technologically advanced materials is soaring in the automobile, electronics, aerospace, medical, and military sector. The new textile market is forecast to grow from $209.4 billion in 2008 to $581.4 billion in 2015. This yields an annual market growth rate of 15.7%.

“The general trend across the whole industrial sector is moving towards high-function, light weight, multiple function products, and textiles are rising as alternative materials to plastic and other metals,” said Chairman Hee-chan Noh from the Korea Federation of Textile Industries. “Once we succeed in transforming the current multi-function textiles to high value-added products, Korea will regain its reputation as a leader in textile.”

Pulse by Maeil Business News Korea