This photo provided by CJ Cheiljedang shows its Bibigo product lineup for exports. (Yonhap)
SEOUL, Dec. 2 (Korea Bizwire) — South Korean food company CJ Cheiljedang Corp. said Tuesday it has partnered with Thailand’s largest retailer, CP Axtra, to expand its K-food business in Southeast Asian markets.
CJ Cheiljedang signed a memorandum of understanding (MOU) with CP Axtra, an affiliate of Thai conglomerate CP Group, to introduce an expanded lineup of its “Bibigo” products through the Thai company’s sales networks.
CP Axtra operates more than 2,700 outlets under its Makro warehouse chain and Lotus’ supermarket chain.
CJ CheilJedang headquarters in Seoul (Yonhap)
The two companies plan to broaden their partnership into neighboring Southeast Asian markets, including Malaysia and the Philippines, where CP Axtra also has operations.
Southeast Asia, including Thailand, is a key market for CJ Cheiljedang, with a combined population of around 690 million and strong economic growth potential.
CJ Cheiljedang has pursued partnerships with local companies in major overseas markets to meet rising global demand for K-food products amid the growing popularity of K-pop, K-dramas and other Korean cultural content.
The share of overseas sales of company within its overall business rose from 39 percent, or 3.15 trillion won (US$2.13 billion), in 2019 to 49.2 percent, or 5.58 trillion won, in 2024.
In the January–September period of this year, the ratio surpassed 50 percent, reaching 4.31 trillion won.
(Yonhap)
