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The Ministry of Agriculture, Food, and Rural Affairs (MARFA) announced last week that it has signed investment agreement contracts with Jilin Sky Scenery from China and Japan’s S Foods for their move to the National Food Cluster (Foodpolis).
Foodpolis is a research and development (R&D) and export-oriented national food industrial complex that will be home to 70 to 100 food companies and research institutes. Investments of KRW 553.5 billion will be made in 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 Foodpolis’ advantages, including food safety and R&D programs.
Jilin Sky Scenery has the No.1 market share in the Chinese market with its corn products, showing sales of about KRW 1 trillion. In addition, S Foods, 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.
Kim Kyung-mi, Head of the National Food Cluster Team under MAFRA, noted that the Chinese and Japanese food companies trust the National Food Cluster’s corporate support programs and facilities, adding that the recent development shows the potential of the National Food Cluster to become a hub of the Northeast food market.
Source: Newsis (Sep. 12, 2013)
** This article was translated from the Korean.