E-mart signs deal to export 20 billion won of products to China

E-mart, the nation’s largest discount retailer run by Shinsegae Group, inked a contract in Beijing on Tuesday with China-based Internet technology company NetEase, to deliver 20 billion won ($17.2 million) worth of exports to the Chinese market.

The two companies signed a memorandum of understanding last July to build a partnership and E-mart test-supplied its products to Kaola.com, an overseas direct purchase platform operated under NetEase from November. The total accumulated earnings until this March from the test amounted to 2.6 billion won.

The new contract is expected to strengthen the trade partnership and expand trade volume to as much as 150 billion won by 2018.

“We hope to use this opportunity to become a global retail company from a domestic discount hypermarket chain and open up new markets for the nation’s small and mid-size suppliers as well,” said Lee Gap-su, CEO of E-mart.