SEOUL - Finance Minister Koo Yun-cheol has vowed to foster the cosmetics industry as a new export engine for the country in line with the global popularity of South Korean products.
Koo made the remark during a meeting Thursday with representatives from major cosmetics firms to discuss ways to further bolster the industry by utilizing cutting-edge technologies, according to the Ministry of Finance and Economy.
"The K-beauty industry has expanded beyond the cosmetics sector to become a future strategic industry combining artificial intelligence, data and devices," Koo said.
"The government and the private sector will open a new era for K-beauty created by South Korea that leads the world," he added."
South Korea's cosmetics exports came to $3.1 billion in the first quarter of 2026, up nearly 20 percent from the same period a year earlier, separate data from the Ministry of Food and Drug Safety showed.
Asia's No. 4 economy was the world's second-largest exporter of cosmetics in 2025 with $11.4 billion, exceeding the $10.8 billion posted by the United States. France ranked first with $24.3 billion.
