Byun Chul-hwan, fourth from left, vice commissioner of the Overseas Koreans Agency (OKA), stands next to distinguished guests of the 2024 World Korean Business Forum at Songdo Convensia in Incheon, Thursday. Courtesy of OKA

The first K-Beauty Export Business Meeting, co-hosted by the Overseas Koreans Agency (OKA) and Incheon Metropolitan City, achieved cosmetics export prospects worth 18.4 billion won ($13.7 million), the OKA said Tuesday.

The event was held on the sidelines of the 2024 World Korean Business Forum (WKBF Incheon) on Thursday at Songdo Convensia in Incheon to provide opportunities for Korean companies to increase their exports and explore overseas markets.

The export business meeting was conducted in the format of one-on-one business consultations, with participation from 45 Korean companies and 19 overseas buyers from 13 countries.

A total of 113 consultations took place, resulting in export prospects valued at 18.4 billion won, including expected contracts worth about 4.5 billion won. Additionally, two memorandums of understanding (MOUs) worth a total 560 million won were signed during the event.

The meeting received positive feedback from participants for its customized consultations, tailored to the specific characteristics of each company and the needs of foreign buyers.

As of the first quarter of 2024, Korea's cosmetic exports surpassed 3.2 trillion won, reaching as many as 175 countries.

Prior to the business meeting, the annual WKBF Incheon was held under the theme "K-Beauty Expansion and Joint Growth Strategies for Korean Businesses."

"Aiming to practically support the overseas expansion of small and medium-sized enterprises (from) Korea, the OKA has launched the overseas Korean business advisory group by bringing together around 200 overseas Korean business leaders from various fields. This event is the first project of this initiative," Byun Chul-hwan, the OKA's vice-commissioner, said during his opening remark for the forum.

Hwang Hyo-jin, Incheon's deputy mayor for global urban affairs, stressed the growth potential of the city of 3 million people in his address at the event.

"The city is also striving to become a top 10 global city," Hwang said. "This event serves as a platform for connecting small and medium-sized enterprises to the world through overseas Korean businesspeople."