▲ The front gate sign of South Korea's SMEs ministry. (Yonhap)

 

SEOUL, July 28 (Yonhap) -- South Korea's small business ministry said Tuesday it has discussed ways to expand the presence of Korean small and medium-sized K-beauty companies in Brazil during meetings with the Brazilian cosmetics industry association and Latin America's largest e-commerce platform.

 

According to the Ministry of SMEs and Startups, the discussions with the Brazilian Association of the Cosmetic, Toiletry and Fragrance Industry (ABIHPEC) focused on building networks between cosmetics companies in the two countries, promoting information exchanges, pursuing joint research and development and production by combining Brazil's natural resources with South Korea's technological capabilities, and cooperating on responses to export regulations.

 

Member companies of ABIHPEC account for more than 90 percent of Brazil's total cosmetics sales.

 

The ministry also met with Mercado Libre, Latin America's largest e-commerce platform, and agreed to jointly provide financial and technical support with relevant government agencies to help Korean small and medium-sized beauty brands join the platform and strengthen their promotional and marketing activities.

 

The two sides also discussed having Mercado Libre visit South Korea to hold business consultations with K-beauty brands that have strong growth potential in Brazil and other South American markets.

 

Although Brazil is one of the world's largest beauty markets, Korean companies have had limited business activity there due in part to the geographical distance between the two countries. However, growing interest in K-beauty driven by the spread of the Korean Wave has recently made Brazil an increasingly attractive export market.

 

Brazil is also regarded as a promising partner for the beauty industry thanks to its abundant natural plant-based resources used in cosmetics.

 

"To help cosmetics, the top export item among small and medium-sized enterprises, take another leap toward becoming the world's No. 1, we need to further strengthen the overall beauty industry ecosystem and step up efforts to diversify export markets," First Vice Minister Noh Yong-seok said.

 

"We will develop concrete measures to ensure that cooperation with Brazil, the heart of South America with its rich natural resources and vibrant culture, can help address these challenges," he added.

 

jwc@yna.co.kr

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