Korea Eyes Becoming Design Hub

Korea Eyes Becoming Design Hub
The government has unveiled a plan to make Korea one of Northeast Asia's major design hubs by 2008.

By 2008, those employed in design production will reach 130,000 from the current 100,000, according to a report by the Ministry of Commerce, Industry and Energy (MOCIE).

In a report to economic ministers in Kwachon, south of Seoul, MOCIE announced that the government will develop training programs such as encouraging institutes analyzing state-of-the art design trends to take on interns and by sponsoring globally competitive designers.

Retired designers will be recruited as 'home doctors' for small-and mid-sized firms in a bid to boost demand for design, the MOCIE reported.

It would become easier to set up a design company and to seek mergers and acquisitions (M&As) for design firms.

The global design market is currently scaled at 300 trillion won, out of which Korea carves out just 7 trillion won, the 12th largest design market in the world.

Countries like the United States, the UK and France capture about 80 percent of the global design market, according to the MOCIE.