On July 27, the South Korean Ministry of SMEs and Startups (acting Minister Noh Yong-seok) visited the Brazilian Cosmetic Association (ABIHPEC) and Mercado Libre in São Paulo to discuss strategies for expanding the presence of K-Beauty SMEs in Brazil.
Despite Brazil's status as one of the world's leading beauty markets, geographical barriers have limited the entry of South Korean companies. However, the rising popularity of K-Pop and K-Dramas has increased interest and demand for K-Beauty, making Brazil an attractive market.
This visit aimed to explore ways to leverage Brazil's advantages in conjunction with K-Beauty, seeking government support for initiatives such as enhancing online market entry, expanding exchanges between the beauty industries of both countries, and identifying collaborative projects.
Discussions included cooperation with ABIHPEC, which accounts for over 90% of Brazil's total cosmetics sales. Talks focused on building networks and information exchanges among companies in both countries, conducting joint R&D and production utilizing Brazil's natural resources and South Korean technology, and collaborating to address export regulations.
With Mercado Libre, the largest e-commerce platform in South America, the goal is to facilitate marketing and platform entry for South Korean SMEs, with agreement on co-financial and technical support from the South Korean government and affiliated agencies.
Moreover, collaboration also involves Mercado Libre visiting South Korea to engage with promising K-Beauty brands expected to succeed in Brazil and the broader South American region.
Noh Yong-seok emphasized the need to solidify the overall beauty industry ecosystem and enhance market diversification efforts for cosmetics, currently the highest export item for SMEs, in order to reach a new level of global competitiveness. He noted, "Cooperation with Brazil, rich in natural resources and vibrant culture, can serve as a solution to these challenges," and committed to devising specific cooperative plans.
