Moore announces Korean dairy deal

Press, 27 April 1989, Page 45

Moore announces Korean dairy deal

PA Wellington The Dairy Board has formed a multi-million-dollar joint venture with a leading South Korean food company, the Minister of External Relations and Trade, Mr Moore, has announced. He described the deal as a 20-year breakthrough with potentially enormous significance for New Zealand’s economy. “All the openings and changes in world agricultural reform over the past year have been positive,” he said in a statement. “Japan has opened up for beef, now Korea has for dairy. These countries read the future and that future is positive for agriculture producing

nations. “The 50-50 joint venture with Hanseng Food, Ltd, has been set up to market New Zealand milk protein products in Korea.” Hanseng is the leading company in the milk proteins field in Korea and has been selling increasing volumes of New Zealand whey powders, casein and caseinates. The Dairy Board’s sales of milk proteins to South Korea are running at $l6 million, and are expected to grow by 50 per cent over the next two years. “The Dairy Board sees the investment as strategic, designed to position it to maximise the tremendous opportunities pre-

sented by rapid growth of South Korea’s food pro-, cessing industry,” Mr Moore said. "One customer alone is marketing 30,000 tonnes of coffee Whitener, a product in which caseinate is an essential ingredient, and its sales are expanding.” This month South Korea announced it was freeing access to its market for more than 240 agricultural products over the next three years. The move will provide new opportunities for New Zealand exporters, particularly those trading in products such as fruit juice, kiwifruit, cherries, legumes and some fish.