JEOLLABUK-DO < invest Korea

Japanese food companies are expanding to Korea to build their manufacturing facilities.

They aim to enter the Nation Food Cluster that has outstanding corporate support programs in fields of food security and research and development (R&D).

The National Food Cluster Team of the Ministry of Agriculture, Food, and Rural Affairs (MAFRA) noted that it signed investment agreements Wednesday with three Japanese companies for entering the cluster.

Bizen Chemical, a pharmaceutical company which expanded to China, Vietnam and Malaysia, plans to invest in the cluster to manufacture products with raw materials from Korea.

Kim Won-il who leads the National Food Cluster Center at MARFA noted that the investment agreements were based on the recognition of the cluster as the best investment destination, adding that the cluster will play the role of a hub in the Northeast Asia food market.

The National Food Cluster is a R&D and export-oriented national food industrial complex of 2.32 million m2. Total KRW 553.5 billion will be invested to accommodate 70-100 food companies and research institutes by 2015.

Source Text

Source: Newsis (Oct. 9, 2013)

** This article was translated from the Korean.