On March 6, Samyang Foods, a South Korean food company, announced through the Financial Supervisory Service's electronic disclosure system that it would invest 3.412 billion won in its subsidiary Samyang Foods Indonesia.
The aim of the investment is to expand the sales of the company in Indonesia by establishing a sales corporation there, with the expected acquisition date being April 30.
Samyang Foods had previously obtained Indonesian MUI Halal certification for its products in 2017, making it the first domestic ramen industry company to do so. The company has since then solidified its position in the Indonesian market by exporting only MUI certified products, thereby increasing its customer base in the local market.
The company's products that have proved popular among Indonesian customers are the Buldak brand noodles and sauces, as well as the spicy Samyang ramen. The Original Buldak Stir-fried Noodles and Carbo Buldak Stir-fried Noodles have been the most popular items among these products, catering to the Indonesian locals' preference for spicy and salty food.
Indonesia is an expanding market for overseas imported ramen consumption through social media networks (SNS), with an average annual increase of over 5.5%. Therefore, it is expected that Samyang Foods' aggressive expansion in Indonesia will be profitable for the company.
Samyang Foods explained "The Indonesian market accounts for 30% of exports in Southeast Asian markets, and the sales corporation aims to strengthen the targeting of related markets."
Meanwhile, in the previous year, Samyang Foods recorded 909 billion won in sales, a 41.6% increase from the previous year, mainly due to strong overseas exports. Overseas sales increased to 68%, the highest ever.
