President Moon Jae-in instructed his economy team Thursday to explore ways to develop South Korea's cosmetics industry in connection with the initiative to innovate the biotechnology sector, according to his office.

Moon told Finance Minister Hong Nam-ki to map out related measures, receiving a regular report on economic affairs and policies. Hong doubles as deputy prime minister for economy. 

The minister briefed Moon on current economic situations, next year's policy direction and accomplishments in the push for innovative growth.

Hong said his team will concentrate efforts on boosting cutting-edge technology and corporate investment in the data, network (5G) and artificial intelligence sectors, called DNA for their initials, as well as the so-called Big Three new growth engines -- non-memory chips, future cars and biohealth -- according to Cheong Wa Dae spokesperson Ko Min-jung.

Hong, in particular, explained the government's plan to nurture the bio industry so that it can become a new key driving force behind the country's economy like the semiconductor industry. He added that the newly launched interagency task force on bio industry innovation would take the lead.

In response, Moon pointed out that the cosmetics market is an "important pillar" of the bio sector and ordered Hong to "actively consider" the development of "K-beauty" in drawing up plans for the innovation of the bio industry, Ko said.

South Korea has already emerged as an Asian powerhouse in the cosmetics market. (Yonhap)