GYEONGSAN — Gyeongsan, a city in North Gyeongsang Province, said on the 27th that it has signed a memorandum of understanding worth 3.9 billion won ($2.7 million) with Karma Cosmetic, a maker of color cosmetics.
Under the agreement, Karma Cosmetic will build a new plant on a 3,503-square-meter site in the Gyeongsan cosmetics industrial complex and expand its production infrastructure.
Founded in 1998, Karma Cosmetic produces eyeliners, mascaras, lipsticks and other color cosmetics. The company has also expanded into China, Japan and Vietnam, winning recognition for its global competitiveness.
The city earlier signed a 10 billion won investment memorandum with cosmetics maker MR Innovation in July.
MR Innovation will also build a new plant on a 6,618-square-meter site in the same complex and expand its cosmetics production base.
"We will create an environment where companies can invest with confidence," Gyeongsan Mayor Cho Hyun-il said. "We will spare no support so that the local cosmetics industry can lead the global K-beauty market."