SMEs ministry pushes beauty, cosmetics expansion into Brazil

The Ministry of SMEs and Startups said Tuesday its acting minister met with Brazilian cosmetics and e-commerce industry officials in Sao Paulo on Monday (local time) to explore ways to help Korean small and midsize beauty brands expand into the Brazilian market.

First Vice Minister Roh Yong-seok, who is serving as acting minister, visited the Brazilian Association of the Cosmetic, Toiletry and Fragrance Industry, known as ABIHPEC, and the e-commerce platform Mercado Libre.

While Brazil has one of the world's largest beauty markets, it has drawn relatively little investment from Korean firms due to its distance from Korea, the ministry said.

Demand for K-beauty products has grown recently alongside the broader popularity of K-pop and K-dramas, while the Amazon region's natural plant-based ingredients, widely used in cosmetics, have also drawn interest from the industry, according to the ministry.

With ABIHPEC, whose member companies account for more than 90 percent of Brazil's cosmetics sales, discussions covered building networks between companies in both countries, joint research and pr ...