▲ A foreigner experience Korean beauty treatments at Beauty Play in Myeong-dong, Seoul, in this Yonhap file photo. (PHOTO NOT FOR SALE)(Yonhap)

 

SEOUL, Sept. 18 (Yonhap) -- The government's cross-ministerial strategy to propel K-beauty, which ranked second globally in cosmetics exports last year, to the No. 1 spot will be unveiled by the end of this year.

 

The government plans to expand support for research and development (R&D) and overseas expansion, as well as conduct an industry-wide survey next year, following the establishment of a legal framework to foster the cosmetics industry.

 

Health and Welfare Minister Jung Eun-kyeong met with young cosmetics entrepreneurs in Myeong-dong, central Seoul, on Friday to discuss ways to promote South Korea's cosmetics industry, the ministry said.

 

The meeting was held at Beauty Play Myeong-dong, an experience center showcasing cosmetics from small and medium-sized Korean companies.

 

The Cosmetics Industry Promotion and Support Act, the first law specifically enacted to foster the industry, passed the National Assembly on Aug. 20 and was promulgated on Sept. 15.

 

The government expects the enactment of the law to serve as a major turning point in shifting the policy paradigm from one centered on regulation to one focused on industrial development, thereby accelerating the industry's growth.

 

South Korea's cosmetics exports reached a record high of US$11.4 billion last year, ranking second globally.

 

The law provides a legal basis for a comprehensive, full-cycle support system aimed at helping the cosmetics industry advance to the world's top level.

 

Under the law, the Ministry of Health and Welfare will establish a five-year comprehensive plan for promoting the industry and link it with implementation plans drawn up by other ministries, including the Ministry of Science and ICT, the Ministry of Trade, Industry and Energy, and the Ministry of SMEs and Startups.

 

At the meeting, young entrepreneurs shared difficulties they face in technology development, commercialization and overseas market expansion, and called for expanded R&D support linked to commercialization, stronger protection of technologies such as trademarks and patents, regulatory improvements to facilitate the adoption of cutting-edge convergence technologies, and greater support for sales channels and exports.

 

The government plans to reflect the opinions gathered from the field in preparations for implementing the Cosmetics Industry Promotion and Support Act, as well as in its government-wide strategy for propelling K-beauty to the world's No. 1 position.

 

A task force comprising relevant ministries and experts is currently operating under the Special Committee on the Beauty Industry of the National Bio Innovation Committee.

 

The task force is broadly discussing ways to strengthen the cosmetics industry's growth foundations, expand overseas markets and improve regulations, with a plan to announce its strategy within this year.

 

The Ministry of Health and Welfare plans to develop a large-scale R&D project for next-generation high-functionality, high-value-added technologies for skin health, with implementation scheduled to begin in 2028.

 

The government's proposed budget for next year also includes funding to support cosmetics exports and conduct an industry-wide survey.

 

From Friday through Oct. 8, the government will hold a public contest to solicit policy proposals on fostering the cosmetics industry.

 

"The enactment of the Cosmetics Industry Promotion and Support Act marks a new starting point for our K-beauty brands to advance to the world's No. 1 position," Jung said. "We will create an industrial ecosystem where small and medium-sized and young companies that challenge the global market with new technologies and ideas can continue to grow."

 

Rep. Lee Soo-jin of the Democratic Party, who was the main sponsor of the bill, also attended the meeting and said, "We will closely review the necessary systems and budgets in the National Assembly to ensure that the law leads to tangible results in the field."

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