Gyeongsan City, Karma Cosmetics Sign 3.9 Billion Won Investment Deal... Cosmetics Complex Revitalization 'Picks Up Speed'
Gyeongsan City Mayor Cho Hyun-il signed a memorandum of understanding (MOU) for an investment worth 3.9 billion won with Karma Cosmetics, a company specializing in color cosmetics led by CEO Lee Kyung-sik, at City Hall on the 27th.
Under the agreement, Karma Cosmetics will build a new factory on a 3,503-square-meter (1,060-pyeong) site in the Gyeongsan Cosmetics Specialized Industrial Complex and expand its production infrastructure.
Founded in 1998, the company is a global business that has entered overseas markets, including China, Japan and Vietnam, with its advanced technology in products such as eyeliner and lipstick.
Gyeongsan Mayor Cho Hyun-il said, "We will create an environment where companies can invest with confidence and actively support the local cosmetics industry in leading the global K-beauty market."
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The city plans to use this investment as an opportunity to further accelerate the clustering of industries in the Cosmetics Specialized Industrial Complex and revitalize the local economy.
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