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2019.11.27
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South Chungcheong Province successfully reached an investment contract with the world’s best food additives maker




According to Yonhap News,

South Chungcheong Province successfully reached an investment contract with the world’s best food additives maker, headquartered in Belgium, VEOS N.V., on Nov. 13.

VEOS N.V., announced its plan to establish a new factory on a 39,670 square meter site inside Dangjin foreign investment zone to produce food and healthcare additives, financing USD 70 million by 2025.

VEOS group, world’s No. 1 food additives producer, extracts and concentrates valuable animal protein traded 85 countries worldwide. The company now has 250 executive members, reaching USD 117 million in sales last year alone.

There is a rising expectation that the province can enjoy the effect on production inducement worth KRW 317 billion and create import substitution which helps the province save as much as KRW 37.5 billion over the next five years.

The CEO of VEOS group said “We always try hard to remain innovative for seeking the ways to be environmentally sustainable business. We’ll keep working on R&D to become the main hub in Asian market.”




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Source: Yonhap News (Nov 13, 2019)



*This article was translated from Korean.
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