MFDS to Discuss Regulatory Innovation with Cosmetic Companies and Associations

[Asia Economy Reporter Kim Young-won] The Ministry of Food and Drug Safety will discuss regulatory innovation measures together with the cosmetics industry.

The Ministry announced that Director Oh Yoo-kyung will hold a meeting on the 8th with CEOs of the cosmetics industry and the Korea Cosmetic Association to discuss regulatory innovation measures. Representatives from LG Household & Health Care, Coreana Cosmetics, Korea Cosmetics Manufacturing, Mime, Korea Kolmar, and Cosmax will attend.

This meeting was organized to strengthen the competitiveness of the domestic cosmetics industry, which ranked third in the world in exports for two consecutive years. Last year, France ranked first in cosmetics export performance by country with 20.43 trillion KRW, followed by the United States with 10.95 trillion KRW, and Korea ranked third with 10.51 trillion KRW.

The industry and the association plan to raise difficulties faced on the ground due to regulations as issues for improvement at this meeting. The Ministry of Food and Drug Safety will seek government support measures and discuss ways for regulatory authorities, the industry, and the association to jointly enhance the international competitiveness of the cosmetics industry.

Director Oh said, "I expect this meeting to greatly help establish regulatory innovation measures that will enable the cosmetics industry to take a step forward, continue to grow, and increase global competitiveness," adding, "I also ask the industry to do their best in quality and safety management so that Korean cosmetics can continue to be loved worldwide."