Busan City Selected for the Ministry of Industry's '2024 Seomgiryuk Project' Competition... 7.3 Billion KRW in National Funding Supported

'Fashion Creator Collaboration Platform Construction Project', 'Fashion Tech Activation and Business Model Construction Project'

Consortium Formed with Two Institutions and Others to Apply for Public Offering to Build Virtual World Fashion Playgrou

Busan City has had two projects finally selected in the Ministry of Trade, Industry and Energy’s ‘2024 Textile Fashion Technology Advancement and Fashion Industry Knowledge Base Construction Project’ competition, receiving 7.3 billion KRW in national funding over five years.

Blockchain-based Fashion Creator Collaboration Platform Business Structure Diagram.

The Ministry of Trade, Industry and Energy conducted the ‘2024 Textile Fashion Technology Advancement and Fashion Industry Knowledge Base Construction Project’ competition from February 22 to March 21 to promote the digital and eco-friendly transition of textile fashion and strengthen industrial competitiveness.

The city achieved the great success of being finally selected for ▲ the ‘Fashion Creator Collaboration Platform Construction Project’ to promote digital transition (total project cost 10 billion KRW, national funding 7 billion KRW) and ▲ the ‘Fashion Tech Activation and Business Model Construction Project’ (total project cost 1.77 billion KRW, national funding 300 million KRW).

This year, the city secured 1 billion KRW and 300 million KRW in national funding respectively, investing a total project cost of 2.04 billion KRW including 1.3 billion KRW in national funding to carry out the projects.

The city applied for the ‘Fashion Creator Collaboration Platform Construction Project’ by forming a consortium with ▲ Busan Textile Fashion Industry Association and ▲ Busan Technopark, which jointly operate the ‘Busan Fashion Biz Center,’ serving as the control tower of Busan’s textile fashion industry.

Also, the ‘Fashion Tech Activation and Business Model Construction Project’ was selected through participation in a consortium with ▲ Korea Federation of Textile Industries, ▲ Busan Textile Fashion Industry Association, ▲ Korea Textile Importers & Exporters Association, and ▲ Korea Fashion Association.

The ‘Fashion Creator Collaboration Platform Construction Project’ is a project to establish an online system for commerce collaboration services in a Web 3.0 environment centered on the Busan Fashion Biz Center.

Through this project, the existing supplier-centered fashion production and distribution structure will be transformed into a Web 3.0 environment-based commerce collaboration service online system where creators can autonomously contract and share profits based on digital technology, thereby establishing a foundation for fashion digital transition commercialization where autonomous business occurs between participating creators and consumers (B2B, B2C).

Furthermore, the ‘Fashion Tech Activation and Business Model Construction Project’ is a project to build the ‘Meta Fashion Playground,’ a space where citizens can smoothly create digital clothing content.

To foster the fashion technology (tech) industry, the project will establish and operate a ‘virtual world (meta) fashion playground’ that provides a digital fashion experience space and services, laying the groundwork to promote and disseminate digital transition. Through this project, equipment will be installed and demonstrated at the Busan Fashion Biz Center.

Mayor Park Hyung-jun stated, “The selection in this competition is expected to greatly contribute not only to revitalizing the local economy but also to advancing the textile fashion industry.” He added, “Our city will strive to support the digital transition of local companies using infrastructure such as the Busan Fashion Biz Center and encourage stakeholders in the fashion industry to participate together in the projects, while continuously discovering new projects to foster the textile fashion industry.”