On Monday, the Ministry of Trade, Industry, and Energy (MOTIE) of South Korea announced a $24.5 million investment in a groundbreaking project: “Key Technology Development for Polyester Composite Fiber’s F2F (Fiber To Fiber) Recycling.”
The project was designed to support Korean companies’ development of core technologies for eco-friendly textile materials.
Global textile demand companies have set a goal of using 100% eco-friendly textiles, such as recycling textiles, starting in 2030. The European Union (EU) is tightening environmental regulations in the textile industry.
The MOTIE will push for a technology development project to regenerate polyester composite materials into new fiber materials. These account for the largest proportion (40-50%) of discarded fibers and clothing. The project plans to invest $3 million this year and $26.5 million by 2029.
Related industry announcements are on the MOTIE website and the Integrated R&D Information System. Companies wishing to participate must submit applications by February 27.
The MOTIE will hold a business briefing session at Courtyard Marriott Seoul Namdaemun Hotel on February 12.
A spokesperson stated, “By securing the world’s best composite fiber recycling technology, we will lay the foundation for targeting the global textile fashion market, which is rapidly reorganizing into a circular economy.” The spokesperson added, “We will support the textile industry’s efforts to make an eco-friendly transition.”