High taxes, rising prices and rents, and fewer opportunities in those countries are prompting many to return to the Emirates, say experts
The "Made in Korea" green tracksuits and pink jumpsuits worn by characters in Netflix's global hit "Squid Game" have proven a pre-Halloween bright spot for a South Korean garment industry struggling during the pandemic.
A 500-square-metre (598-square-yard) garment factory in the Seongbuk district of the capital Seoul was humming this week, green and pink thread flying off stacked spools off serger machines with loud knocking noises in a race to meet orders.
"October is usually a slow month for the sewing industry, but thanks to Squid Game and Halloween, we are scrambling to stitch," factory owner Kim Jin-ja, 54, told Reuters. "We are now sewing 6,000 teal-green tracksuits for toddlers and children."
Kim says her annual sales of 1.5 billion won ($1.27 million) plummeted to a third of what she used to make after the Covid-19 pandemic hit. Most of her orders came from Japan but travel restrictions forced her to shut down in August and September.
She now hopes orders will last past Halloween and sees better chances of renewed exports with "Made in Korea" labels.
The South Korean garment industry had been in decline even before the pandemic with higher wage levels making it difficult to compete with China, Vietnam or Indonesia.
>> Expo 2020 Dubai: Play real-life Squid Game at Korean Pavilion
Of the 2,144 manufacturing businesses in Seongbuk, 70 per cent - or 1,510 - are apparel companies, Seoul Fashion Textile Sewing Association chairman Oh Byung-yeol told Reuters.
"The two years of Covid have been a tough time for domestic fashion corporations," said Seongbuk Mayor Lee Seung-ro. "(But) Squid Game, which has become a global sensation, has also made tracksuits popular domestically, leading to a flood of orders."
A child's Squid Game tracksuit was selling for 30,000 won ($25.50) in Namdaemun Market, the country's largest traditional market where stock ranges from kitchenware to jewellery.
A garment vendor in the market said he and others did not have enough tracksuits to meet soaring demand.
Squid Game has been watched by 142 million households since its September 17 debut, according to Netflix, the world's largest streaming service, helping it add 4.38 million new subscribers.
Many small business owners in South Korea recognised themselves in the cash-strapped characters of the wildly popular thriller, who vie desperately for a chance to win $38 million, exposing a debt trap that is all too familiar.
High taxes, rising prices and rents, and fewer opportunities in those countries are prompting many to return to the Emirates, say experts
The UAE already has a 10-year Golden Visa programme for investors, entrepreneurs, property buyers and outstanding students since 2019
The anniversary coincides with the UAE’s decision to extend the ‘Year of Sustainability’
Redwood Center of Excellence offers a nurturing environment with an IB Primary Years Programme, blending Montessori, Reggio Emilia, EYFS, and STEM, ensuring holistic development for children
Both countries will not only promote existing relations in petrochemical, energy and infrastructure but they are keen to explore new avenues and sectors to diversify their economic relations
UAE’s most-awarded nursery chain pioneers quality education and child development across 30 convenient locations in the UK and UAE
Unveiling the strategies driving the UAE's spa and wellness industry to new heights
Say goodbye to layover woes and hello to unforgettable adventures with Turkish Airlines' Stopover Istanbul and Touristanbul programmes