Invest KOREA

(SEJONG=NEWSIS) The Ministry of Agriculture, Food and Rural Affairs (MAFRA) and China’s BGX Group signed a memorandum of understanding on March 30 at the Westin Chosun Seoul to establish a food-processing facility and cold storage logistics facility in the Korea National Food Cluster, according to the ministry on March 31.

The BGX Group, which is a refrigerated and frozen food distributor in China, has eight agricultural food wholesale markets in regions including Nanjing and Harbin and 50,000 large-scale distribution markets across the country. The Group recorded sales of KRW 10 trillion (USD 9.2 billion) in 2014.

“As more Chinese consumers prefer safe and good-quality food, we want to export to China food that has been safely processed and made with Korea’s high-quality agricultural produce. We decided to make our first investment in Korea because Chinese consumers consider Korean food to be safe and high in quality,” said President Bi Guo Xiang of the Group.

“The investment agreement with a Chinese refrigerated and frozen food distributor is an opportunity to export our high-quality processed food to China at a time when exchanges in the food industry between Korea and China are gaining momentum thanks to our bilateral free trade agreement,” said a MAFRA official.

lst0121@newsis.com

Source Text

Source: Newsis (March 30, 2015)

** This article was translated from the Korean.