Korea Ginseng Corp eyes sales overseas for growth

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Korea Ginseng Corp eyes sales overseas for growth

Korea Ginseng Corporation (KGC), a subsidiary of the country’s largest tobacco manufacturer KT&G, said yesterday it will make inroads into untapped regions of Southeast Asia and the Middle East this year in a bid to expand its overseas business.

KGC said it will establish a local unit in Indonesia within this year as a springboard for the Southeast Asian market including Singapore and Malaysia. The Indonesian company will be KGC’s fifth overseas unit after ones in China and the United States, it added.

It will also go into partnership with local companies in Turkey, Russia and Saudi Arabia to enter European and Middle Eastern countries.

The Korean company said it will develop special ginseng products and package them in Arabic to appeal to Middle Eastern customers.

In the U.S., KGC will open a cafeteria in New York City sometime in the first half of this year to give American consumers an opportunity to taste Korean ginseng and other products.

“We did not performed well last year due to a slump in the global economy,” said an official from KGC. “We will redouble our efforts to expand overseas business as we see it as our new growth engine.”
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