The Korea Trade Insurance Corporation (K-Sure) is stepping up to support the expansion of Cosmax, a global cosmetics manufacturer, in the United States.
On September 3, K-Sure announced it will provide $50 million in working capital to Cosmax's U.S. subsidiary. This funding aims to address increased local demand driven by new customer acquisitions and expanded orders from existing clients.
Cosmax's U.S. subsidiary reported a 57% increase in revenue in the first half of this year compared to the same period last year.
K-Sure expects that this financial support will enable Cosmax to respond promptly to the surging local demand and strengthen its presence in the North American market.
In addition to this support, K-Sure is expanding its assistance to the cultural and consumer goods sectors to promote the global spread of K-Beauty and K-content as part of 'K-Culture.'
Including this latest support, K-Sure has provided over $200 million in financial assistance to K-Culture companies' overseas subsidiaries this year.
Jang Young-jin, president of K-Sure, stated, "Rapid financial supply is essential for K-Culture to establish itself in the global market. We will spare no effort in supporting leading K-Culture companies to showcase their capabilities on the world stage."
* This article has been translated by AI.
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