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Biz News Korea(Eng)
S. Korean government to spend $26.6 mn on developing premium lifestyle brands
- Collected
- 2016.07.29
- Distributed
- 2016.08.01
- Source
- Go Direct
The Ministry of Trade, Industry and Energy said on Thursday that it has designated seven categories to receive government support with the aim to develop many brand-name goods like those of Louis Vuitton Group. Items subject to state funding are furniture, bags, kitchenware, stationery, sports and leisure, eyeglasses, and watches. The ministry plans to allocate 30 billion won ($26.6 million) worth of budget for R&D spending on these categories next year, which is more than double the amount of this year’s spending of 13 billion won. The ministry is expected to provide support for all seven categories from the initial state of product planning to exports and marketing.
By Ko Jae-man
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