Korea Trade Insurance Corp. to back K-culture push with funding for content, beauty firms abroad

Korea Trade Insurance Corp. plans to provide working capital to overseas subsidiaries of South Korean companies as part of an effort to spread K-culture globally.

The state-run trade insurer said Monday it will provide $100 million in working capital to CJ ENM USA, the American subsidiary of CJ ENM.

CJ ENM USA is the parent company of Fifth Season, a premium content production studio, and has played a central role in establishing K-content in the North American market.

The corporation expects the support to further accelerate the global reach of K-content.

The corporation also approved approximately $25 million in financial support for the US subsidiary of Kolmar Korea, a global cosmetics original development manufacturing firm.

"We decided to provide special support in recognition of Kolmar Korea's technological capabilities and growth potential," said Jang Young-jin, president of Korea Trade Insurance Corp. "We expect this to help build a North American cosmetics manufacturing hub."