[THE INVESTOR] South Korean government aims to boost cosmetics exports to US$ 7 billion by 2018 through deregulation and by supporting export activities. Last year, Korea’s cosmetics exports came in at US$ 2.6 billion.
The plans were revealed at the pan-government conference on boosting exports and investment held in Seoul on July 7.
As part of the measures, cosmetics producers, universities and research organizations will be allowed to submit products they develop for government certification regarding their functionality.
At present, only companies that produce and market cosmetics products are able to apply for government certification.
To aid local companies enter China, the government will set up a communications channel to provide consultations and information. Seoul will also work more closely with countries local cosmetics are exported to, and hold expositions.
Seoul will also offer larger R&D tax credits for locally developed pharmaceuticals, and allow indigenously developed new pharmaceutical materials to be priced 10 percent higher.
In addition, the government will support the establishment of “smart farms” that utilize IT in agriculture, and establish cold-chain delivery network for exports of fresh produce.
By Choi He-suk (
cheesuk@heraldcorp.com)
