The Gwangju Beauty Cosmetics Industry Promotion Association, which will serve as a stepping stone for fostering the Gwangju cosmetics industry, has been launched in earnest.
The organization will help related companies develop products and certification by the Korea Food and Drug Administration in connection with the Gwangju Techno Park Biomedical Materials and Parts Center.
The Gwangju Beauty Cosmetics Industry Promotion Association, registered as a cooperative with more than 50 related companies on the 16th, will play a leading role in leading the cosmetics (beauty) industry, a Gwangju-type bio industry, as a leading innovative growth industry.
According to the Promotion Association, as of 2017, the global cosmetics market was $445 billion, and the domestic cosmetics market was $27 billion (about 30 trillion won). The domestic beauty cosmetics industry has also continued to grow ultra-high, with annual production increasing by more than 22% annually over the past seven years.
The trade balance is also emerging as a new export engine with a new export record every year, and companies representing the cosmetics industry on Korea Trade Day from 2015 to 2017 are emerging as the next-generation industry in Korea with a number of export awards, including the highest gold tower medal.
Gwangju is also continuing to grow every year, with related companies increasing significantly to about 150 and sales reaching 30 billion won last year.
In particular, Gwangju is expected to become a leading innovative growth industry in Gwangju if joint production facilities are established through continuous fostering of local companies because it has abundant infrastructure in terms of manpower and raw material supply.
The Gwangju Beauty Cosmetics Industry Promotion Association plans to share the basis for product development and certification in connection with the Gwangju Techno Park Biomedical Material Parts Center, a control tower of the local biomedical industry, to enter the global market.
After collecting opinions through regular meetings of member companies, the company plans to secure support projects necessary for fostering the beauty industry, such as youth start-up, technology development, and certification. As a focus project this year, it is also planning to establish a joint production facility for excellent cosmetics manufacturing standards (GMP).
The beauty cosmetics industry in Gwangju has created a foundation for companies to become Gwangju's new industry without government support, Jeon Il-seung said. "The beauty industry is an employment-inducing knowledge-based small and medium-sized industry and will become a new role model for regional job creation and high value-value export strategies."
The Gwangju Beauty Cosmetics Industry Promotion Association, which will serve as a stepping stone for fostering the Gwangju cosmetics industry, has been launched in earnest.
