President Moon Jae-in has ordered his administration to take measures to grow the K-beauty industry centered on cosmetics as a way to foster the bio-health sector.
Bio-health is seen as a key part of the administration's goal of innovative growth.
He was speaking in a meeting with Finance Minister Hong Nam-ki who briefed him on the state of the economy.
According to the Blue House, President Moon praised government ministries for actively working together on issues , such as Japan's export curbs and innovative growth, asking them to continue those efforts.
Hong promised the president additional private investment in areas, such as AI, the 5G network and the major new growth engines system semiconductors, future cars and bio-health.
He also said he will establish a pan-governmental task force on nurturing the bio industry to make it equal to Korea's semiconductor industry.