K-Beauty’s Global Growth Backed by Government’s Regulatory Diplomacy

As K-beauty continues to captivate global audiences, the Korean government is actively supporting the cosmetics industry. The Ministry of Food and Drug Safety (MFDS) is focusing on regulatory diplomacy to dismantle export barriers for cosmetics.

With increasing export barriers, the MFDS has strategically employed regulatory diplomacy. At a recent press briefing, Director Ji-Hoon Ko emphasized the importance of regulatory diplomacy aimed at consumer safety and industrial competitiveness. Key policies like the 'Cosmetic Safety Evaluation System' are being introduced to harmonize international standards.

The MFDS is collaborating with regulatory authorities in China and the United States to facilitate market entry. This includes adapting to China’s 'Cosmetic Ingredient Safety Assessment Report' requirements and the implementation of the U.S. MoCRA regulations. These efforts are pivotal for enhancing the global competitiveness of the Korean cosmetics industry.

To bolster the global competitiveness of K-beauty SMEs, the Ministry of SMEs and Startups (MSS) and the MFDS have introduced various support measures. Amidst record-breaking export figures, these ministries are working with private companies like Olive Young, Kolmar Korea, Cosmax, and Amazon to strengthen the K-beauty ecosystem.

Olive Young is running the 'K-Super Rookie with Young' program to identify and nurture promising small brands, providing consulting and marketing infrastructure. Additionally, the MFDS is hosting seminars with foreign regulatory authorities to quickly disseminate international regulatory trends and aid Korean companies in complying with overseas regulations.

The government is also implementing diverse policies to further promote SME cosmetics exports. These include establishing venture funds, supporting smart factories, and setting up a dedicated logistics center for SMEs at Incheon Airport. These initiatives are designed to help K-beauty companies maintain a competitive edge in the global market.

In the midst of the K-beauty craze, the combination of government regulatory diplomacy and various support measures is driving the global growth of the Korean cosmetics industry. Continued support and cooperation will further elevate the status of K-beauty worldwide.

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