Samyang Foods announced on November 17 that it has signed a partnership with 'Sarya General Trading' to exclusively supply products to the United Arab Emirates (UAE) and expand the market. At the signing ceremony, Samyang Food General President Kim Jung-soo and Sarya CEO Abdullah Sarya attended.
Sarya General Trading is an affiliated of Sarya Holdings based in Abu Dhabi. Based on sufficient funds and supply chain, it imports and distributes consumer goods.
The two companies are planning to increase Samyang's market share to 85 per cent by 2023. Samyang ramen products account for 71 per cent of Korean ramen exported to the UAE this year.
The two companies will select Syria and Lebanon as strategic market in the Middle East and actively expand the markets. Samyang Foods' exports to the Middle East are expected to reach 25 billion won this year. The target exports in 2023 are 50 billion won.
"The UAE has a large economy and plays a central role in culture and distribution, thus it is an important market to enter the Middle East," said an official from Samyang Foods. "Under the partnership, we are planning to expand markets in the Middle East based on the UAE." (ANI/Global Economic)
( With inputs from ANI )
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