KUALA LUMPUR: FGV Holdings Bhd
has entered a memorandum of understanding with South Korea's Samyang Foods Co Ltd to establish a halal ramen manufacturing facility in Malaysia.
In a statement, FGV Group CEO Datuk Haris Fadzilah Hassan said the collaboration is part of the FGV's strategic direction to expand its downstream business by diversifying its product offerings and penetrating new markets.
"With this MoU, FGV hopes to explore the opportunity for both parties to establish a halal ramen and instant noodle manufacturing plant in Malaysia.
"The global halal food market is one of the fastest growing segments in the food industry and is expected to reach more than US$740b in value by 2025,” he said.
FGV added that the partnership will also give FGV access to Samyang Foods' supply chain, which includes cooking oil, vegetable fats and sugar for their existing ramen plant in Wonju, South Korea.
In addition, FGV's wholly owned subsidiary Delima Oil Products Sdn Bhd, which leads the group's downstream business expansion, can leverage Samyang Foods' strong R&D and global distribution networks for its SAJI products.
"Samyang Foods is an established global brand. Therefore this is a fantastic business prospect for FGV to explore and will ultimately benefit Malaysia by further positioning it as an integrated Halal hub for global markets.
"We will be able to leverage on our local expertise in the Halal industry including Malaysian halal accreditation which is recognised worldwide," said Haris.
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