Gyeonggi-do, Sufficient Competitiveness in Beauty Industry... Need to Strengthen Support for Expanding Overseas Market Entry

Yeom Tae-young, Deputy Governor for Economy of Gyeonggi Province, is taking a commemorative photo after presiding over the Gyeonggi Province Beauty Industry Promotion Committee meeting on the 20th.

Gyeonggi Province has been analyzed to need stronger support for companies to expand exports and overseas market entry in order to foster the beauty industry. However, Gyeonggi Province is also recognized as a domestic cosmetics production hub with superior capabilities and competitiveness in the beauty industry.

On the 20th, Gyeonggi Province held the first meeting of the 2nd Gyeonggi Province Beauty Industry Promotion Committee at the Gyeonggi Provincial Government Office and announced the research results titled "Changes in Beauty Trends Due to COVID-19 and Gyeonggi Province Beauty Industry Response Strategies."

According to the Gyeonggi Research Institute, as of 2021, out of 4,428 cosmetics manufacturers nationwide, 1,651 (37.3%) are located in Gyeonggi Province. Among 1,302 registered cosmetics manufacturing factories, 933 (41%) are in Gyeonggi Province. Furthermore, as of 2020, the sales of cosmetics manufacturing in Gyeonggi Province amounted to 5.764 trillion KRW, accounting for 35.6% of the national total, indicating that Gyeonggi Province serves as a production hub for cosmetics in South Korea.

Additionally, half of the nationwide cosmetics testing and inspection institutions designated by the Ministry of Food and Drug Safety are located in Gyeonggi Province, and one-third of corporate-affiliated research institutes and dedicated R&D departments are distributed there, providing an excellent research and development environment.

In particular, Gyeonggi Province was the first in the nation to enact an ordinance for fostering the beauty industry in 2012 and hosts the largest beauty expo in the country, demonstrating outstanding industrial development will and capabilities compared to other provinces.

However, an analysis of policy demands from beauty industry companies within the province revealed an urgent need for policy support related to domestic and international online and offline marketing, as well as expanding exports and overseas market entry, which had been contracted due to COVID-19.

Researcher Shin Ki-dong of the Gyeonggi Research Institute stated, "The beauty industry is a rapidly growing sector with a high contribution to new job creation, and jobs increase proportionally with export growth, so export expansion should be set as the top priority." He added, "Since Gyeonggi Province has competitiveness in many aspects of the beauty industry, it is necessary to establish a mid- to long-term plan for the beauty industry by setting priorities and implementation periods."

Meanwhile, at the committee meeting, 12 new members including Gyeonggi Provincial Assembly member Ko Eun-jung were appointed, and the basic direction for establishing the 5-year basic plan for beauty industry promotion in Gyeonggi Province this year was discussed.

Yeom Tae-young, Deputy Governor for Economy of Gyeonggi Province, said, "Gyeonggi Province's beauty industry, which has unlimited potential, will be supported to develop and leap forward, and Gyeonggi Province will do all it can." He added, "We ask for much advice and consultation to ensure that the upcoming basic plan includes the necessary policies."

This content was produced with the assistance of AI translation services.