JEOLLABUK-DO < invest Korea

The Ministry of Agriculture, Food, and Rural Affairs (MARFA) announced today that it signed an agreement contract with a Chinese company and a Japanese company to move into the National Food Cluster (Foodpolis) last week.

The National Food Cluster is a R&D and export-oriented national food industrial complex which will be home to 70 to 100 food companies and research institutes. Investment of KRW 553.5 billion will be made into the cluster by 2020.

MARFA noted that leading Chinese and Japanese food companies are interested in Korean food, adding that the investment was due to advantages that the Foodpolis has, including food safety and R&D programs.

The Chinese company has the No.1 market share in the Chinese market with its corn products, showing sales of about KRW 1 trillion. In addition, the Japanese company, with KRW 1.7 trillion sales, operates in the field of restaurant business processed meat and fish products. The company plans to build a manufacturing plant and a research institute in the complex.

A MAFRA official noted that the Chinese and Japanese food companies have confidence in the National Food Cluster’s corporate support programs and facilities, adding that the Korea’s National Food Cluster has a potential to become a hub in the Northeast Market.

Source Text

Source: Newsis (Sep. 12, 2013)

** This article was translated from the Korean.