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The concerns were conveyed at the first meeting of the textile industry committee of the Korea Federation of SMEs (KBIZ) that discussed supply chain crisis responses and measures to expand the use of domestic fabrics.<\/p>\n
South Korean textile sector SMEs are concerned that the increased localisation of military apparel is leading to structural issues like cost burdens and procurement risks, which are disproportionately hitting small sewing firms.
\nThe textile industry committee of the Korea Federation of SMEs has sought adjustment official estimate prices and establishment of a risk-sharing structure for fabric procurement. <\/p>\n
The committee will recommend to relevant ministries the need to adjust the official estimate prices and to establish a risk-sharing structure for fabric procurement.<\/p>\n
While the country\u2019s textile industry is showing a long-term declining trend in overall production and exports, logistics disruptions from the Middle East conflict, tightening environmental regulations and the European Union\u2019s introduction of the digital product passport (DPP) are putting further pressure on the industry, committee chairman Kim Kwon-ki told the meeting.<\/p>\n
An expert said the country\u2019s textile industry must leverage its strength of maintaining a full-stream production structure from yarn to finished products, and discover new growth engines through structural transformation centered around high-value-added industrial and functional materials, a domestic media outlet reported.<\/p>\n
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Fibre2Fashion News Desk (DS)<\/p>\n
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