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SPC Samlip, a South Korean food company, announced this week it has signed a memorandum of understanding (MOU) with Siam Makro to enter the Thai bakery market through a joint venture. The companies will set up a JV, and this deal was revealed on Monday, March 6.
Siam Makro is an affiliate of CP Group, the largest company in Thailand, and it has officially teamed up with SPC Samlip this year. They originally held a contract signing ceremony last month at the Intercontinental Hotel COEX in Seoul.
The deal is said to be the very first partnership that SPC Samlip has agreed to with a foreign company. This move is part of its plan to advance in overseas markets.
As per The Korea Herald, it was stated in the agreement that SPC Samlip and Siam Makro would establish a joint venture for both the production and distribution of different bakery products in Thailand. They also have plans to work on other related projects later.
"Through this agreement, we plan to further expand our business in the Southeast Asian market," an official of SPC Samlip stated. "Based on our competence in leading the domestic bakery market, we will promote the excellence of Korean bakeries in the Thai market."
To commence the business partnership, SPC Samlip will start with a consignment operation of its bakery products in in-store retail outlets of Siam Makro in Thailand and some Southeast Asian nations. The company will also share its know-how in operating a bakery business, especially in quality management and product development areas.
"Under the agreement, we will begin our bakery business in Thailand and expand it further in the Southeast Asian market,” The Korea Times further quoted an SPC Samlip official as saying. “We will also promote the excellence of Korean baked goods in Thailand based on our business experience that has led the domestic market in Korea."
Photo by: Yeh Xintong/Unsplash
