The Ministry of SMEs and Startups said on the 31st it will recruit local governments this year to take part in fostering "K-beauty export hubs" to secure the international competitiveness of Korea's cosmetics industry.
A "K-beauty export hub" is a project that combines policy and space in major commercial districts crowded with foreign tourists to build a foundation for domestic corporations to expand globally.
The project was pushed ahead in Aug. last year as one of the new administration's "15 ultra-innovation economy projects." Centered on a public-private task force with related ministries and corporations participating, the direction and support strategy were prepared.
This year, up to two regions will be selected through an open call for local governments and enter pilot operation. The Ministry of SMEs and Startups (MSS) plans to expand the scale of support step by step through 2030.
First, the selected regions will be developed as bases for the global expansion of early-stage K-beauty companies. By combining promotion and experience spaces with buyer and investor consultation functions in key commercial districts with heavy foreign foot traffic, the focus will be on supporting the overseas expansion of small and indie brands.
Global expansion programs will also be operated by linking regional cultural and tourism assets with Korean Wave events. The plan is to develop it into a K-beauty hub based on public-private cooperation, including promoting country-specific export strategies using private-sector sales data.
In addition, the export support system centered on regional hubs will be advanced. A one-stop window will be established to provide integrated information on export regulations, and K-beauty specialized technology consulting and briefings on overseas customs clearance systems will be operated. By activating collaboration between brands and manufacturers, the plan is to raise the competitiveness of the overall industrial ecosystem.
Local governments wishing to participate should submit a letter of intent by Apr. 16, attend a project briefing, and then submit a project plan on the Panpandaero website by May 14. Details on the announcement can be found on the Ministry of SMEs and Startups (MSS) or the Korea SMEs & Startups Distribution & Marketing Agency websites.
Lee Sun-bae, director-general for global growth policy at the Ministry of SMEs and Startups (MSS), said, "The K-beauty export hub focuses on revitalizing local commercial districts and diversifying export strategies," adding, "We hope for active participation from local governments for K-beauty's great leap into an ultra-innovation economy."