POSCO Inter signs MOU with domestic food tech companies... 'Expanding food business sector'

POSCO International announced on the 16th that it has signed business agreements (MOU) with HN Novatech, a leading domestic food tech company, and Earthin Company, respectively, for global marketing collaboration.

Photo by POSCO International

[Asia Economy Reporter Ki-min Lee] POSCO International is collaborating with food tech companies to expand the scope of its core food business.

On the 16th, POSCO International announced that it signed memorandums of understanding (MOUs) with leading domestic food tech companies HN Novatech and Jiguin Company for global marketing collaboration.

Through this agreement, POSCO International will support global marketing and product development of alternative meat produced by HN Novatech and Jiguin Company.

Alternative meat is a protein source that replaces meat to address issues such as environmental destruction, health, and religion. Various alternative foods are being developed, including plant-based meat, cultured meat, and edible insects.

HN Novatech, which signed the agreement with POSCO International, is a food tech company that pioneered the extraction of heme molecules (heme, a complex of iron and amino acids that is a key factor in meat flavor) from seaweed to manufacture alternative meat raw materials. Jiguin Company produces alternative meat and holds the world's first patent for plant-based meat slices.

Food tech is a new growth industry that combines information and communication technology (ICT) with the traditional food industry. It is gaining attention as a future industry that can simultaneously address global food shortages and environmental issues related to meat production.

In particular, the industry is growing in various fields, from ag-tech, which integrates ICT-based agricultural technologies such as smart farms and agricultural biotechnology, to future food development like alternative meat, plant-based eggs, and edible insects, as well as food services including AI cooking robots and shared kitchens.

To expand its food business, POSCO International plans not only to continue its existing food trading and infrastructure operations but also to respond to trends in the agricultural sector by pursuing long-term collaborations with promising domestic food tech companies, adapting to market changes.

A POSCO International official stated, "With concerns about Agflation due to recent sharp rises in food prices, the food business is a growth market with continuously expanding demand and potential for expansion into upstream and downstream industries. We plan to actively respond to changes in the food business market and expand collaboration with domestic and international food tech companies that possess excellent technology for sustainable growth."