K-Food Goes Global by Suiting Local Taste
K-Food Goes Global by Suiting Local Taste
  • Shin Ji-hye (info@koreaittimes.com)
  • 승인 2013.04.03 20:31
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SEOUL, KOREA - “Korea’s agricultural export is seeking to exceed USD 10 billion this year, acting as the momentum to shift the paradigm of Korea’s agriculture towards “export agriculture,” said Kim Jae-soo, CEO of Korea Agro-Fisheries & Food Trade Corporation (aT).

Kim Jae-soo, CEO of Korea Agro-Fisheries & Food Trade Corporation (aT)

aT, a government-affiliated organization, was set up in 1967 with the goal of nurturing the food processing industry, stabilizing the supply of primary agro-fishery products, as well as backing overseas expansion of agriculture. Its efforts over the course of the last half century have contributed to increasing farmers’ income and balancing the development of the economy. Exports of Korea’s agriculture have also shown substantial growth since its inception. What amounted to USD 1.8 billion of exports in 1980 has grown more than four times to USD 8 billion in 2012. This year, aT is aiming to reach USD 10 billion by invigorating its overseas centers.

aT is currently operating overseas centers in 11 regions within 7 countries (Japan, China, Hong Kong, Singapore, Thailand, the U.S.A, and Netherlands), and plans to expand this figure to 20 regions in 12 countries in the near future. Overseas centers are set up to provide various measures for Korea’s agricultural exporters. They include supporting participation of overseas exhibitions, helping to find buyers, and backing the development of products to suit local’s taste. On top of this, centers offer basic trade materials for companies who wish to extend their business abroad, but lack overseas information to do so.

aT Center in Singapore

Since its inception in 1995, aT Center in Singapore has served as a hub to discover overseas buyers in the Southeast Asian region. Singapore, whose GDP stands at USD 59,000, is a nonagricultural economy, heavily reliant upon importing food products. Reflecting its high national income, Singaporeans have a keen interest in well-being, and healthy foods are evident in its grocery markets. Among them, seasoned laver is the most sought after imported snack.

At present, Korea’s laver has been exported to over 70 countries, posting USD 230 million in export last year alone.

Seasoned laver, widely consumed in East Asia, has a high content of dietary minerals, particularly iodine and iron. Recently, the Korean wave in conjunction with well-being trends worldwide has led laver to emerge as a favorite snack even in the U.S. and European countries. At present, Korea’s laver has been exported to over 70 countries, posting USD 230 million in export last year alone.

While people commonly consume laver as a side dish to eat with rice in Korea, people in other countries usually enjoy them as snacks. aT center in Singapore developed the idea that if Korean laver is produced with much lower salt and oil contents, it can suit local’s taste. They found one company, Haejeo Foods, that specialized in laver production located in Kwangchun, Chungnam province. Kwangchun, known for its tasty flavor of laver, has an agricultural industrial complex that posts USD 625,000 in annual export.

Haejeo Foods, signing an MOU with aT center, developed a new product, KIMS, with low salinity for consumers to enjoy laver as a simple snack.  KIM also refers to laver in Korean when you pronounce the word for laver phonetically.

Sales Promotion with aT Center

Last April, Haejeo Foods launched its new seasoned laver at the Food and Hotel Asia for the first time in Singapore. “As this marked the first attempt to make our products suit the taste of foreigners, the expectations weren’t that high. However, we were surprised to see the great interest and response garnered in Korea’s laver,” said Shin Heung-soo, CEO of the company. During the exhibition, two overseas buyers, Koryo Trading Pte Ltd. from Singapore and Koin Bumi from Indonesia stated their intention to exclusively import the products. Subsequently, in June, an initial supply of USD 4,500 was shipped to Singapore for test-marketing and was sold on Qoo10, the largest online shopping mall. In September, Haejeo Foods shipped the supply of USD 17,500 in Indonesia, and now is posting USD 40,000 in sales per month.

aT center in Singapore backed the company to participate in the Malaysia International Food Industry Exhibition to promote its seasoned laver with low salinity.

In terms of business expansion in Malaysia, aT center in Singapore backed the company to participate in the Malaysia International Food Industry Exhibition to promote its seasoned laver with low salinity. Again the product was a big hit, drawing immense attention from many locals. Shin said that, “Dozens of people lined up to sample our spicy laver made with Kimchi sauce. There seemed a great interest in Korean foods because of the Korean wave.” Haejeo Foods signed an exclusivity contract with various buyers including Lotte Mart, SDN, and BHD and began its shipment in July. Currently, around USD 15,000 sales a month are generated in Malaysia through The Store, the largest retailer in the country, and this figure is expected to grow steadily.

Shin said that, “I am grateful to aT center in Singapore for its effort to introduce Korea’s favorite seasoned laver to many consumers in the Southeast Asian region. They arranged meetings with various buyers in the Southeast Asian region, and have also provided financial support through the product development, as well as wrapping stages. We will exert more efforts to produce tasty and wholesome food for the consumers at home and abroad.”

A series of K-food articles are provided in partnership with Korea Agro-Fisheries & Food Trade Corporation (aT)

Fore more related articles:

http://www.koreaittimes.com/story/27924/osole-oyster-captures-hong-kongers-tastes


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