The Korean New Deal and the Dongdaemun Fashion Cluster

The Korean New Deal and the Dongdaemun Fashion Cluster

 “The measures include details on how to quickly overcome the COVID-19 crisis, stimulate consumption for a strong economic recovery, prepare for the post-pandemic era and push for the Korean New Deal.”

  Deputy Prime Minister and Finance Minister Hong Nam-ki said during a press briefing at the Seoul Government Complex, June 3, 2020. +

  As we know widely, the New Deal was a series of programs, public work projects, financial reforms, and regulations enacted by President Franklin D. Roosevelt in the United States between 1933 and 1939. The policies focused on (1) relief for the unemployed and poor, (2) recovery of the economy back to normal levels, and (3) reform of the financial system to prevent a repeat depression. 

  These policies should be focused on creating a framework for sustainable growth, with rapid implementation of investment, production, and employment, and its policy effects are widely spread. One of the policy measures is to support the overcoming of crisis and innovation in the Dongdaemun Fashion Cluster to achieve the New Deal’s policy effect.

  First, it is urgent to secure the world-class Dongdaemun Fashion Design Lab and its shared buildings. There will be a new workplace for more than 100,000 Dongdaemun designers, including over some employees of 30,000 wholesale and retail stores, freelancers and apprentices, in Dongdaemun market.

  Since the speed of the New Deal is important above all, it would be better to use the Seoul Transportation Corporation building near the DDP as a whole. As an alternative, Seoul Transportation Corporation would be better off moving to other large buildings that could do a wider range of tasks.

  Of course, the Seoul Design Foundation will be able to take a leading role in relocating to this new building space and developing into the Dongdaemun Fashion Design Lab by preparing a more abundant budget and expanding the organization and work.

  Second, in order to increase the export of K-fashion products, it is necessary to establish the Korea Fashion Trade Center that provides various one-stop services for domestic and foreign buyers. The building space planned by the Dongdaemun Fashion Cluster will perform well when attracting venture investments from China, India and the Middle East, as well as domestically.

-Some of the popular Dongdaemun fashion items we exported last week, seoulclick.com-

  In the longer term, it is also desirable to encourage the transfer of Hanyang Technical High School near DDP and establish the Korea Fashion Trade Center in its place. The high school’s new site will find a better alternative to a densely populated educational environment.

  Third, it is necessary to make public investments such as the ICT infrastructure and various related service facilities of the sewing factory at the supply side of Dongdaemun fashion products. This is a report from Daily Express. ++

  “Having had to learn ‘the language of computers’ early on, it’s allowed her to see the world and people differently.”

  In the late stage of development & growth, many sewing factories are under pressure due to rising wages and various high cost factors. At this time, the Korean New Deal will promote the 4th industrial revolution as a process of urban industrialization in Seoul, and the innovation of the Dongdaemun sewing factory and its smart management will achieve great performances.

  “Tear down walls of ignorance and narrow mind-set, for nothing has to stay as it is.”

  German Chancellor Angela Merkel said in her speech at Harvard University during her visit to the United States. +++ 

  In the era of super-personalization, Dongdaemun market needs to analyze the fashion preferences of consumers and buyers around the world through AI and big data, and increase market competitiveness on that information.

  As a matter of fact, Dongdaemun fashion and its style is something that Koreans feel proud of. We have to remember that the Dongdaemun Fashion Cluster has made the so-called Dongdaemun myth with triple management including product, speed and price. 

  Dongdaemun market people were supported by the hope for the future.

+ koreatimes.co.kr 

++ Daily Express, Digital marketer driven by data, by La Shuan Ramdin, June 9, 2020

+++ www.ebs.co.kr

<25>

Bong Sul (Advisor, SeoulClick)Read more: Bong (Bong Sik) Sul, Dongdaemun Style, ebook.kstudy.com, Seoul, 2019. 

Leave a Reply