It is the first time for Korea to earn royalties on roses. (image: South Gyeongsang provincial government)
SEOUL, Oct. 16 (Korea Bizwire) — Domestic roses cultivated with South Korea’s own technology are to be exported to an overseas market for the first time.
South Gyeongsang Province signed an agreement with Indobloom, a farming company in India, on October 14 to export domestic roses to the South Asian nation. According to the agreement, the India-based company plans to pay $5,000 for 5,000 South Korean roses and cooperate with the province to promote its sales.
It is the first time for Korea to earn royalties on roses. Until now, Korean floriculturists have paid royalties to overseas companies to cultivate the flowers. In order to save the money, the province has carried out a five-year plan to develop its own flower breeds since 2002 only to save 70 percent of the total royalties.
The new roses for the export are a kind of spray roses. The front side of its petal is red while the back side is white.
“The agreement is expected to be a stepping stone for our flowers to be recognized as an excellent breed in the global market,” said Hong Jun-pyo, governor of the province.
South Gyeongsang Province signed an agreement with Indobloom, a farming company in India, on October 14 to export domestic roses to the South Asian nation. (image: South Gyeongsang provincial government)
By Veronica Huh (veronicah@koreabizwire.com)
