Seoul: Finance Minister Koo Yun-cheol on Thursday pledged to advance the cosmetics industry as a new export growth engine for South Korea, aligning with the rising global popularity of the nation's products. Koo's commitment was expressed during a meeting with representatives from major cosmetics firms, where strategies to enhance the industry through cutting-edge technologies were discussed.

According to Yonhap News Agency, the Ministry of Finance and Economy reported that Koo highlighted the expansion of the K-beauty industry beyond traditional cosmetics, evolving into a future strategic sector that integrates artificial intelligence, data, and devices. "The government and the private sector will open a new era for K-beauty created by South Korea that leads the world," Koo remarked, emphasizing the collaborative effort required to position South Korea at the forefront of the global beauty market.

The Ministry of Food and Drug Safety disclosed that South Korea's cosmetics exports reached $3.1 billion in the first quarter of 2026, marking a nearly 20 percent increase from the previous year. In 2025, South Korea was the world's second-largest exporter of cosmetics, with $11.4 billion in exports, surpassing the United States, which posted $10.8 billion. France maintained the top position with $24.3 billion in exports.