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In a historic move, South Korea is set to export its premium Hanwoo beef products to Cambodia, marking its debut in the Southeast Asian market. The long-anticipated deal, culminating after eight years of negotiations, is expected to strengthen the ties between the two nations and capitalize on Cambodia's burgeoning beef market.
Yonhap News Agency reported that the overseas trading of Hanhwoo beef to Phnom Penh is finally happening after eight years. It turned out that this export has been in negotiation for years, and it was only approved this year.
Intending to bring premium Korean beef to Southeast Asia, Korea is starting the export with the Cambodian market. The country's Ministry of Agriculture, Food and Rural Affairs announced the move on Tuesday, Aug. 29.
South Korea and Cambodia signed their first agreement early this week for this export business. The long-delayed contract is also expected to boost the two nations' ties.
Based on the reports, Korea's Ministry of Agriculture aims to export 2,000 tons of meat products. This projected volume is said to be worth around $100 million and can be achieved over the next five years.
According to The Korea Economic Daily, Cambodia is Japan's largest export market for Wagyu beef products. As the country is apparently a big market for beef, the South Korean government is taking advantage of this fact. It also sees this export as a new opportunity for further boosting the presence of Hanwoo in the Southeast Asian region.
GIBON is one of the leading exports of Korean beef, and it recently revealed its plans to use an aggressive approach to grow its business in the Cambodian market. Meanwhile, the Korean exporters said that exported Hanwoo beef is exclusive for premium distribution channels such as hotels, high-end restaurants, and other dining places in Cambodia.
Photo by: Sergey Kotenev/Unsplash
