SEOUL, KOREA - KGC Ginseng Corp. formulated a blueprint aimed at making forays into the global health functional food market. KGC set this year as the first year to explore overseas markets.The company announced on January 15 that it will establish an overseas operation in Indonesia within the first half of this year, while launching into the markets of Turkey, Russia, and Saudi Arabia in the form of joint ventures.
A KGC official said, “We failed to achieve satisfactory results in and outside Korea last year due to the global economic slump. We set this year’s export target at $90 million, up more than 6 percent from a year ago.”
Indonesia, which will mark KGC’s fifth overseas operations, is a country where more than 200-million populations who are familiar with red ginseng live. KGC plans to use Indonesia as a stepping stone to make forays into other Southeast Asian countries, including Singapore and Malaysia.
*Article provided by The Korea Economic Daily