April 20, 2024

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South Korea’s Industry Ministry said on June 12 it will lend a hand to exporters of major consumer products, such as cosmetics and pharmaceuticals, by providing them with financial aid and other support in line with efforts to boost outbound shipments.

The support measures will center on supporting the top five consumer goods, namely cosmetics, fashion items, baby products, pharmaceuticals and agricultural products, according to the ministry.

“Despite the challenging environment for trade, the top five consumer products posted strong growth,” Industry Minister Sung Yun-mo said. “The latest measure will focus on maintaining the growth momentum of such goods.”

Exports of the five segments shot up 38.5 percent in 2018 from four years earlier to $27.7 billion.

Under the plan, the government plans to extend 8 trillion won ($6.77 billion) in trade financing this year, up 67 percent on-year.

The government will also help exporters of cosmetics and pharmaceuticals tap major offline stores abroad, including popular department stores in the United States and Europe.

To beef up the competitiveness of the consumer products, the government will allocate 195 billion won to research and development projects this year, helping local firms release high-end products that meet global needs.

By Ram Garikipati and newswires (ram@heraldcorp.com)