K-SURE extends $50m financing to Cosmax's US unit

The Korea Trade Insurance Corporation (K-SURE) said Thursday it will provide $50 million (67.9 billion won) in working capital to the US subsidiary of Cosmax, a global cosmetics original development manufacturing company.

The support aims to strengthen Korean companies' foothold in the North American market, capitalizing on the rising global profile of K-beauty.

Cosmax's US unit has maintained rapid growth, with sales in the first half of this year rising 57 percent year-on-year, driven by an influx of new customers and expanded orders from existing clients.

Securing working capital is essential to meeting the surge in local demand in a timely manner, and the financing is expected to give the company a significant boost as it consolidates its position in the North American market.

"Swift financial support is essential for K-culture to take firm root in global markets," K-SURE President Jang Young-jin said. "We will spare no effort in supporting leading K-culture companies so they can fully demonstrate their capabilities on the world stage."