▲ Computer-generated image of a K-beauty convention. (Yonhap)

SEOUL, March 27 (Yonhap) -- South Korea on Wednesday opened its largest-ever international K-beauty trade fair, bringing together more than 700 companies and buyers from around the world, the Ministry of SMEs and Startups said.

The ministry and Korea International Exhibition Co. said the "Cosmobeauty Seoul × K-Beauty Festa" will run through Saturday at COEX in southern Seoul.

The annual exhibition, launched in 1987, aims to support the global expansion of Korean beauty products. Since last year, it has been operated under a public-private partnership model led by the private sector with government support.

This year's event is the biggest on record, featuring 521 domestic beauty companies and 180 overseas buyers from 56 countries.

Exhibition and consultation booths have been set up throughout the venue, allowing visitors to explore and experience products from participating companies.

A special exhibition hall is also showcasing 14 innovative products from companies selected as this year's "Rookie of the Year" for their technological and market competitiveness.

Business-to-business consultations will also take place between participating firms and major overseas buyers, including French retail giant Fnac Darty, Canadian department store chain Holt Renfrew and Mercado Libre, the largest e-commerce platform in Latin America.

The event additionally features seminars on global beauty market trends, conferences offering information on overseas regulations and customized market-entry strategies, and networking programs for participants.

SMEs and Startups Minister Han Sung-sook said the innovative capabilities of small and medium-sized beauty brands have been at the center of K-beauty's rapid global growth.

"K-beauty achieved a record-high export value of US$11.4 billion last year, and export performance has continued to reach new highs annually," Han said. "We will strengthen support for the global growth of K-beauty by promoting balanced development across the entire beauty ecosystem, including beauty devices, eco-friendly ingredients and packaging materials, in addition to cosmetics."

jwc@yna.co.kr

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