JEJU-DO < invest Korea

According to Yonhap News,

Jeju tangerines are set to be exported to Walmart in the US, as as processed products under the Sunkist brand, not as raw materials.

Sunkist is the largest cooperative in the world's fruit and vegetable industry, where orange growers from California and Arizona are participating, which allows companies to use its trademarks in return for trademark royalty fees.

Jeju-do and Jeju Techno Park signed an investment agreement with FB Holdings (FBH), a Korean venture company which produces and sells fruit and vegetable processed products, to build a processing plant in Jeju.

FB Holdings will invest more than KRW 40 billion in construction of the plant from this year to 2026, and hire at least 100 local residents with relocating its headquarters from Seoul to Jeju.

The Jeju Special Self-Governing Province will provide administrative and financial support, to the extent permitted by relevant statutes, to ensure the company's project can be implemented with no trouble.

FBG plans to produce about 10,000 tons of tangerine cups and canned goods made in Jeju by building a chunk factory equipped with #1 production facilities in Seongeup-ri, Pyoseon-myeon, Seogwipo-si by September next year.

The products produced in Jeju will be supplied not only in Korea but also to Asia and US through Walmart, Korger under Sunkist brand.

FBH plans to ultimately expand production facilities of its Jeju plant to three lines.

FBH is an official licensee of Sunkist Growers

FB Holdings, an Asian and overseas licensee for U.S. Sunkist, and certified as a venture company by Korea Venture Capital Association the year after its establishment.

khc@yna.co.kr

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Source: Yonhap News (March 11, 2024)