Procter & Gamble is seeking to beef up ties with Korean firms to develop new technologies and reinforce its footing in the growing market here, government officials said Tuesday.
The world’s largest manufacturer of consumer products held an investment seminar in Seoul to discuss collaboration with local small businesses and think tanks to jointly develop cosmetics and beauty products.
P&G is the latest participant in the Korean government’s program to help small but promising local firms find investors from around the world. Ten global industry giants including Qualcomm, Sanofi-Aventis, GE and BASF had taken part since 2009.
“P&G has high expectations of uncovering reliable Korean partners through this project,” Jennifer Dauer, vice president of the company’s new business creation unit, was quoted by the Ministry of Knowledge Economy as saying.
During the one-day event, P&G took business proposals from companies to review their feasibility, the ministry said. Partnerships could be made as early as late next year after on-site inspections.
The U.S.-based maker of Pantene shampoo and Tide laundry detergent set its sights on cosmetics, hair care and fragrance products, the ministry noted.
Korea has seen a boom in the market for cosmetics and health care products as its rapidly aging population and beauty-conscious customers fuel demand.
Imported brands, largely from Europe, account for about 40 percent of the market currently, which is valued at 12 trillion won ($10.6 billion) as of last year.
