The biotechnology industry is one of the core developing industries that is seeking to improve the quality of life in our societies and provide solutions to the pressing problems faced by humanity in medical services, energy, and climate change. This is reflected in its rapid growth and points to the important role it will play in the future global economy.
The current trend shows continued strong growth in the cosmetics manufacturing industry while there is sluggish growth in the manufacturing sector overall. Jeju is promoting its cosmetics and beauty products industry as it shows great promise for the economy of the island as a growth engine, able to capitalize on Jeju’s diverse plant resources and healthy image.
Korean cosmetics and beauty products have become popular in China, and Korean companies in the industry are now entering the North American and European markets. In light of the opportunities ahead, we will explore strategies to increase the growth and globalization of Jeju's domestic cosmetics and beauty products industry based on the utilization of the island's natural resources and examine concrete examples that will aid in understanding what is needed to penetrate overseas markets.
In addition, with the aim of developing Jeju into a globally competitive center of the cosmetics and beauty products industry, the session will foster discussion about research and development, the creation of an industrial environment for the industry, means of attracting venture capital, labor training, and ways of attracting outstanding enterprises to the island.