On May 26, South Korean Finance Minister Koo Yun-cheol announced the government will focus on promoting the cosmetics industry as a new engine for export growth, building on the growing popularity of South Korean products in international markets.
Speaking at an economic meeting, Mr. Koo emphasized that the Korean Wave (Hallyu) has created a favorable foundation for the country’s cosmetics to reach far and wide. The Seoul government will develop comprehensive support policies, spanning R&D, marketing, and expanding overseas distribution channels.
According to Minister Koo, cosmetics are a promising export item as global demand for South Korean skincare and makeup products continues to grow strongly. He said making cosmetics a new export pillar will help diversify the economic structure and reduce dependence on traditional industries.
