INNOCEAN has announced that it has signed a memorandum of understanding (MOU) with KOTRA to promote the overseas expansion of the domestic food industry.
The MOU signing ceremony, held at KOTRA headquarters, was attended by Global CEO William Lee, KOTRA President Yu Jeoung-yeol, and more. They entered into the business agreement for hosting Seoul Food 2024 in Bangkok, and signed a strategic alliance to present directions for the development of the domestic food industry’s overseas expansion and to promote the export activities of small and medium enterprises.
Seoul Food 2024 in Bangkok, co-hosted by INNOCEAN and KOTRA, is the first international hosting project of the Seoul International Food Industry Expo (Seoul Food), which began in 1983 and marks its 42nd edition this year as the first and largest food exhibition in Korea. The exhibition, to be held in Bangkok, Thailand in the second half of this year, aims to establish an active global business network for the domestic food industry.
In particular, in addition to the traditional B2B (business-to-business) events, for the first time, a concurrent B2C (business-to-consumer) exhibition is being planned. A K-food experience platform will be set up to allow Thai consumers to experience Korean cuisine. Based on this, the plan is to expand the event into a global K-Food exhibition that will target consumers not only in Asia, but worldwide.
INNOCEAN will be responsible for the overall branding, event promotion, and on-site operation of this project, and plans to serve as an effective “bridgehead” to support the overseas expansion of domestic companies. KOTRA is responsible for event planning, inviting buyers, and overall operations.
Previously, INNOCEAN had focused on expanding global business centered in Asia by forming a partnership with Siam Piwat, the largest retail group in Thailand, last year. This event in collaboration with KOTRA will take place at ICONSIAM, a landmark department store in Bangkok owned by the Siam Piwat Group.
INNOCEAN and KOTRA have committed to regular business collaboration and plan to expand their F&B (food and beverage) platform business to actively introduce K-food to the global market.
Lee said: “This partnership with KOTRA, Korea’s leading trade and investment agency, has further emphasized INNOCEAN’s role in globalizing domestic business. We will continue to strive for greater leaps forward as a global F&B platform business operator.
