▲ Foreign customers look at Korean cosmetics products at a local cosmetics and skincare store in Seoul. (Yonhap)

 

SEOUL, July 7 (Yonhap) -- The Korea Trade Insurance Corp. (K-SURE) will provide working capital support to the overseas subsidiaries of South Korean companies driving the global expansion of K-culture, the state-run export credit agency said.

 

K-SURE said Monday it will provide US$100 million in working capital to CJ ENM USA, the U.S. subsidiary of entertainment company CJ ENM.

 

CJ ENM USA is the parent company of Fifth Season, a premium content production studio that has helped expand the presence of Korean content in the North American market.

 

K-SURE said the financing is expected to further support the global expansion of K-content.

 

The agency has also approved approximately $25 million in financial support for the U.S. subsidiary of Kolmar Korea, a global original design manufacturer (ODM) of cosmetics.

 

A K-SURE official said the agency decided to provide the support under a special program in recognition of Kolmar Korea's technological capabilities and growth potential.

 

"The financing is expected to help the company establish a cosmetics manufacturing hub in North America," the official said.

 

jwc@yna.co.kr

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