Gov't to support K-beauty firms entering major global retail networks: trade ministry

The industry ministry said Thursday it will devise new support measures to expand Korea's cosmetics exports amid the global popularity of Korean beauty-related products. They are expected to include the establishment of global online malls for Korean-made cosmetics products, as well as specialized delivery and payment solutions for foreign consumers, according to the Ministry of Trade, Industry and Resources. The government also plans to support domestic cosmetics companies' in their overseas expansion and help them break into major overseas retail networks. Such a vision was shared ahead of Trade Minister Yeo Han-koo's visit to Silicon2, a company that operates the country's biggest online platform for foreign purchases of Korean beauty products, in Seongnam, Gyeonggi Province. Last year, Korea's cosmetics exports hit a record high of $10.2 billion as global demand for the products increased in line with the popularity of Korean culture. In the first 10 months of this year, outbound shipments of cosmetics reached $9.42 billion, up 11.9 percent from a year earlier.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times