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N.Chungcheong Prov. signed an MOU with LG H&H to form K-beauty cluster

According to Yonhap News,

North Chungcheong Province signed an MOU LG Household& Healthcare and Chungbuk Association of Cosmetics Industry (CACI) on Oct 22 to form what’s called ‘K-Beauty Cluster’ within the provincial district.

The authorities and their counterparts endorsed the view that it is the province that could be the best possible candidate to accommodate a hub of beauty industry in Korea. They all agreed with information sharing and networking efforts as part of industry affiliate university sponsorship programs.

North Chungcheong Province, which has long developed cosmetics and beauty business as one of main sources of national income for next decades, unveiled a plan to gain growth momentum by forming and building up the industry base to facilitate the cluster within the provincial district.

The region has produced over 34 percent of cosmetic products as of 2019, the second top in Korea, following Gyeonggi Province. Its exports are estimated to be KRW 1.85, standing at nearly 28.3 of the national total.

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Source: Yonhap News (Oct 22, 2020)

** This article was translated from Korean.