Kathmandu. With the investment of Binod Kunwar, former President of Non-Resident Nepali Cricket Council (NRNA), cosmetics under the brand ‘Ora’ based on Korean technology has started in Nepal.

Ambassador of South Korea to Nepal Park Tae-young inaugurated Ora Cosmetics amidst a grand event held in Kathmandu on Sunday. Korean technology, more than 30 years of international experience and a combination of in-house production are the key features of the Aura brand.

With the Nepali beauty industry dependent on imports for a long time, the entry of Ora Cosmetics is seen as an import substitution and an entrepreneurial strategy targeting the regional market. The project is being led by Kunwar, former president of NRNA.

The company has adopted a strategy to transfer Korean technology and formulation to Nepal and start production. Currently, most of the skincare and makeup products used in the Nepali market are imported from Korea, India, China and Europe. The Aura brand aims to reduce the cost of production, strengthen the supply chain and provide quality products to consumers at an affordable price.

Aura Cosmetics has been consultanced by senior experts with more than 30 years of Korean cosmetics production and export experience. The expert has worked as a researcher and cosmetics developer for a world-renowned Korean brand. As a result, Aura’s products have been developed according to international standards, scientific testing and Korean skincare philosophy.

So far, around Rs 15 crore has been invested in the project and another Rs 10 crore will be invested in the second phase. The company has already installed modern machinery and production equipment and is preparing to start commercial production soon. With the full operation, more than 100 types of skincare, cosmetics and body care products can be manufactured in Nepal.

According to economists and market analysts, Ora Cosmetic’s strategy focuses on two levels: first, import substitution within Nepal and second, entry into big markets like India and China in the medium term. According to their analysis, the adoption of an affordable price policy according to the quality is likely to establish itself faster in the domestic market and become competitive in the regional market.

Kunwar, who returned to entrepreneurship from the NRNA campaign, is seen as a positive sign of the transition from a remittance-dependent economy to a production-based economy. The operation of the industry is expected to contribute to local employment generation, collaboration with domestic industries and saving foreign currency.

Speaking at the event, Korean Ambassador Park Tae-young expressed the belief that combining Korean technology and Nepali entrepreneurship would open new industrial potential in Nepal. He said the project would be significant towards institutionalizing Nepal-Korea economic cooperation through the private sector.

Overall, Aura Cosmetics is being closely watched by economic circles not only as a new beauty brand but also as a production-oriented, export-oriented and regional market-targeted economic project.