Seoul City to invest 170 bln won in 5-yr project to nurture Korean versions of IKEA

SEOUL, Oct. 16 (Yonhap) -- The Seoul city government will invest 172.3 billion won (US$126.4) over the next five years in an ambitious design industry development project aimed at nurturing Korean versions of the global furniture giant IKEA, officials said Wednesday.

The five-year plan aims to strengthen the design industry in the capital and promote Seoul's designs globally, with the goal of eventually nurturing prominent design firms, according to city officials.

Under the plan, the city will launch a design school where high-profile designers and professors from around the world will offer both online and offline design classes starting this year.

The city will also introduce a special insurance program for design firms, covering 60 percent of manufacturing costs for companies facing difficulties due to product damage or the sudden business closures of contract factories.

The city plans to launch the insurance in the first half of next year, benefiting 1,500 firms over a five-year period.

The city will also establish several spaces across the capital to display and sell design products from its program, while helping firms find supply and sales channels, with an aim to nurture about 20 startups with annual sales of 1 billion won, the officials said.

pbr@yna.co.kr
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