“But as K-brands grow in popularity, Korean companies are also suffering increasing damage from counterfeit products overseas,” he said.
“The government will respond swiftly to counterfeit products overseas,” Lee said, adding that it would “no longer leave our companies to fight alone”.
Thirty-one companies have already signed up for the scheme, including Samyang Foods, the maker of Buldak spicy chicken ramen, and Amorepacific, South Korea’s largest cosmetics company.
According to data released by the OECD in 2024, the global market for counterfeit “K-brand” products was approximately 11 trillion won (US$8.2 billion).
The love of all things Korean has also impacted arrivals to the country, with the number of foreign tourists hitting an all-time high of 18.94 million last year.
