Economy, Domestic Economy

Tehran Hosts S. Korean Cosmetics Expo

Tehran Hosts S. Korean Cosmetics ExpoTehran Hosts S. Korean Cosmetics Expo

Nine South Korean cosmetics firms are participating in an exhibition held at Esteghlal International Hotel in Tehran.

Participants are seeking to expand sales in the Middle East through their first grand promotion event in Iran, which opened on Tuesday and will conclude on Thursday.

South Korean Minister of Food and Drug Safety Sohn Mun-gi expects the exhibition to “promote Korean cosmetics’ fine qualities, as well as being the first step toward the Middle East market”, The Korea Times reported.

Many Korean cosmetics firms still lack halal certification, which is necessary for their expansion in Middle East markets where most consumers are Muslim.

“Small- and medium-sized cosmetics firms often complain about difficulties concerning certification procedures, such as preparing evidential documents,” an official at the International Halal Certification said.

Large firms, such as AmorePacific and LG Household & Healthcare, have no halal certified products, although they are joining the exhibition in Iran.

“Our company does not have a clear blueprint for expansion toward Middle East markets yet,” an AmorePacific official said. “We will prepare our plan later this year or early next for halal certification.”

According to Thomson Reuters’ State of the Global Islamic Economy 2014-15, the market volume of halal cosmetics worldwide was $40 billion in 2013 and is expected to grow to $73 billion in 2019.

The South Korean government had said it will develop halal cosmetics at the 10th Trade Investment Promotion Meeting hosted by President Park Geun-hye in July.

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