Korea and France cooperate in global expansion and new product development for small and medium-sized cosmetics companies
The Ministry of SMEs and Startups announced on the 8th that it signed an agreement with Cosmetic Valley, a French cosmetics cluster, to promote cooperation in the cosmetics field at the ‘K-Global Cluster’ event held at S Factory in Seongsu-dong to look at the future of Korean innovation clusters.
Cosmetic Valley, established in 1994, is the world’s largest industry-academia-research cluster in the beauty field. It is home to over 100 companies, including global companies such as France’s LVMH, L’Oréal, and Guerlain, as well as small and medium-sized enterprises, and 8,600 researchers from universities and research institutes are conducting research and development related to cosmetics.
Through this agreement, the Ministry of SMEs and Startups and Cosmetic Valley decided to jointly operate a mutual collaboration program to help startups and small and medium-sized enterprises in Korea and France advance into the global market, and to engage in joint research and development on the development of functional cosmetics using new materials.
In addition, we plan to provide local education and training in France for small and medium-sized businesses and small business owners in the domestic cosmetics and perfume fields, and operate a global open innovation program between startups and large corporations in both countries.
(Source: Yonhap News)
