In the midst of the global tariff policy whirlwind, led by the Trump administration, South Korea decides to "shelter" startups in the beauty sector and thus promote and protect K-Beauty.
The country's Ministry of SMEs and Startups announced last week the approval of an aid package of up to 27 million dollars to help Korean beauty startups in their global expansion and face tariffs imposed by the United States.
As reported by the country's media, this is the first fund dedicated to companies in the beauty sector in South Korea and has been established thanks to public and private aid.
Cosmetics is in the number one position in the country's export ranking of small and medium-sized enterprises. Last year alone, exports of these reached 6.8 trillion dollars, making cosmetics the first product category to exceed 6 trillion dollars.
However, United States tariffs can seriously affect the beauty industry in South Korea. Oh Youngju, Minister of Small and Medium Enterprises and Startups, announced during the conference in which she presented this package of measures that "if United States taxes become a reality, it would be a heavy burden, not only for our companies, but also for other countries. If the strong innovation of Korean beauty, and the high quality of the 'Korean Cosmetics Wave' continues, this may be an opportunity for our small businesses to expand their presence in the market" she has pointed out.