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South Korean cosmetics brands are taking the world by storm nowadays. Often referred to as K-beauty, the industry can thank the popularity of South Korean songs and TV dramas for its global appeal. China is by far the largest market for South Korean beauty products, and manufacturers are looking to expand their reach in the market at the upcoming China International Import Expo. Shane Hahm reports.
Walk down Seoul's most popular tourist district and it's hard to miss the dozens of makeup stores that line the streets. Music blares as sellers hand out samples to passersby. From foam cleaners to BB creams, serums to face masks, these stores offer the latest products meant to keep customers looking good and healthy. It's a symbol of the fast-growing global appeal of South Korean beauty products. And many brands are now looking to capitalize on the popularity by expanding their reach overseas.
One such company is Enprani and its diverse lines of beauty brands. Enprani already has a presence in the Chinese market through online sales. But the beauty products firm hopes to grow its customer base at the China International Import Expo.
CHO HA-WOON OVERSEAS BUSINESS DEPARTMENT, ENPRANI "We've always needed the opportunity or turning point to approach Chinese consumers and sellers more directly. We've also wanted to do more with our Holika brand and market it. So, in that respect, this opportunity is very important."
SHANE HAHM SEOUL "Exports of South Korean cosmetics products reached nearly five billion dollars last year. That's four times higher than the figure tallied back just in 2013. China is one of the most lucrative markets for South Korean manufacturers, accounting for 65 percent of all outbound shipments. "
The private, non-profit Korea International Trade Association will have a large presence at CIIE lending its support for South Korean businesses. Officials say the expo is a great opportunity for South Korea to broaden its portfolio with its number one trading partner.
SHIM YOON-SUP INTERNATIONAL AFFAIRS GROUP KOREA INTERNATIONAL TRADE ASSOCIATION "Many South Korean companies will take part in the expo's services and cutting-edge trade exhibits. But the hope is that the two countries can expand cooperation in high-value sectors, like other service sectors, including culture and distribution, as well as 4th Industrial Revolution sectors like robotics and artificial intelligence."
And with better cooperation, the potential for good business is limitless.
SHIM YOON-SUP INTERNATIONAL AFFAIRS GROUP KOREA INTERNATIONAL TRADE ASSOCIATION "South Korea and China must together go beyond their bilateral markets and expand to the world market. Cooperation among businesses, like joint start-ups and joint investments, must be expanded. China should use Korea's experience in establishing global infrastructure for one-on-one projects. The cooperative relationship must develop further and to a higher level."
Beauty products are big business in South Korea. Industry figures show South Korea's 10 billion-dollar cosmetics industry is the 8th largest in the world. But despite the recent growth, analysts say there's always more ground to make up. Shane Hahm, CGTN, Seoul.