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2020.03.11
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Busan city to set a five-year masterplan to grow cosmetic business


According to Yonhap News,
A masterplan to develop the local beauty-cosmetic industry, as part of national growth strategies and action plan to further expand market share of the business came out. The city of Busan unveiled the outline of 2020-2024 plan on Feb. 28, a six-month feasibility & engineering study result conducted from May to October last year.

The development plan, under the vision of “K- beauty, the next leader of global & future cosmetic industry”, aims to accomplish three major goals: securing future growth engine, business growth & job creation and improving the city brand to be part of global cities through health-beauty tourism.

To push on the project, they city also came up with four main strategic tasks, which elaborate on how to make businesses involved globally competent, how to foster the future innovative, B (Busan)-beauty marketing & branding strategies and HR training to secure industrial professionals.

Along with 13 separate detailed policies to be rolled out, Busan city will make beauty-cosmetic business more competitive, radically overhauling the system. The local authorities are also mapping out the way to nurture businesses with breakthrough ideas to take up the market in advance.

First of all, the city disclosed an employment plan to newly hire highly-skilled workers in cosmetic production line in Gijang that opened last December. In addition, they’ll provide a customized consulting service to find young, promising SMEs, giving full support to local businesses to be self-sufficient in technology and commercialization.

Apart from that, Busan city will set up a marketing booth in BEXCO, an ad for cosmetic business in Busan, particularly during the period of Busan International Film Festival, while running a trade fair in Vietnam to get deeper into the markets.




Source Text


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Reprint or redistribution without permission is prohibited.



pitbull@yna.co.kr

Source: Yonhap News (Feb. 28 , 2020)

*This article was translated from Korean.
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