'K-Food Large and Small-Medium Enterprises Export Win-Win Collaboration' Agreement Signed
Supporting SME Exports Using Large Enterprises' Overseas Distribution Networks and Infrastructure
The twisted doughnuts made by the small and medium-sized enterprise Bongttang will be sold in Mongolia and Vietnam through the large corporation GS25. This is the result of the first K-food export win-win collaboration between large and small-medium enterprises.
The Ministry of Agriculture, Food and Rural Affairs announced on the 16th that GS25, Bongttang, and the Korea Agro-Fisheries & Food Trade Corporation (aT) will sign a K-food export win-win collaboration agreement.
The export win-win collaboration between large and small-medium enterprises aims to expand export territories and promote mutual growth by supporting exports of small and medium enterprises with high export potential using the infrastructure such as overseas distribution networks of large corporations.
The first win-win collaboration model is being created by the large corporation GS25 and the small-medium enterprise Bongttang. They plan to introduce K-desserts to the local MZ generation in Vietnam and Mongolia to boost the popularity of K-food. Based on GS25's local sales know-how, Bongttang’s twisted doughnut products will be localized for export and sold at about 500 GS25 stores in Mongolia and Vietnam.
Bongttang has gained popularity among the MZ generation by operating directly managed stores in areas such as Songridan-gil and Seongsu-dong since opening its first store on June 1, 2021, using various toppings and stylish interiors on traditional twisted doughnuts transformed into donuts.
GS25 is actively promoting K-food exports overseas as well. Since entering Vietnam in 2018, it has grown 20 times in six years through a food culture strategy that integrates K-food locally, achieving 500 overseas stores as of January this year. It aims to open 1,500 stores by 2027.
Song Miryung, Minister of Agriculture, Food and Rural Affairs, said, "Despite difficult external conditions such as the global economic downturn, based on public-private cooperation including the operation of the K-food Plus Export Expansion Headquarters last year, the agriculture and food sector and related industries achieved a record-high export performance of $12.13 billion (agriculture and food $9.16 billion, related industries $2.97 billion)." She added, "This year, we plan to continuously discover and support collaboration models between large, medium, and small enterprises to expand the export territory of K-food."
The Ministry of Agriculture, Food and Rural Affairs will hold an export consultation meeting (BKF+) on the 17th and 18th at the aT Center in Yangjae-dong, Seoul, with 417 overseas buyers from 36 countries and domestic export companies participating to expand K-food Plus exports.
In the agriculture and food sector, 222 export companies and 114 buyers from 35 major markets including Japan, China, the United States, ASEAN, Europe, and the Middle East will participate, while 49 export companies and 32 buyers from 13 countries will participate in related industries. To enhance the outcomes of the consultation meeting, the ministry identified items of interest from overseas buyers in advance and provided this information to export companies, arranging online pre-meetings between companies. Through this, actual export contracts (MOUs) are expected to be signed during the consultation meeting.
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