New business goals unveiled by the Korea Federation of Textile Industries (KOFOTI) today include the development of business projects between Korean companies, international cooperation and trade research.
 
At its annual general conference in Seoul, the textile federation said its research had identified around 180 firms from the south who want to set up operations in the north.

If it takes place this investment could be worth around US$300 million. It is seen as a way of relieving the textile industry's current downturn, and preparing it for increased competition from China and South East Asia after 2005.

The textile federation this year also plans to work on enhancing the image of the industry and boosting export competitiveness.

At the meeting KOFOTI members re-elected Park Sung-chol as chairman.