Roh Yong-seok, left, first vice minister of the Ministry of SMEs and Startups, shakes hands with Mercado Libre Cross Border U.S. Senior Director Eduardo Loss at the office of Brazil's largest e-commerce platform in Sao Paulo, Brazil, Monday. Courtesy of Ministry of SMEs and Startups
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.
