aT Grows Together with Mongolian K-FOOD Market Buyers

The Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corporation (aT) held a meeting on the 28th of last month in Mongolia, a New Northern market country, to diversify export markets by launching the Korea Agricultural Food Buyers and Distributors Association.

[Sejong=Asia Economy Reporter Kim Hyunjung] The Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corporation (aT) launched the Korea Agricultural Food Buyers and Distributors Association in Mongolia, a New Northern market, on the 28th of last month to diversify export markets, and prepared joint marketing cooperation plans through a roundtable meeting.

The event was attended by a total of 23 representatives and staff from 15 companies, including Nam Jilsuren, representative of the Mongolian Chamber of Commerce, major Mongolian distributors such as Nomin, Sky Hypermarket, ULEMJ, and importers ARUR, Altan Joloo, and DML, who shared opinions on expanding the K-food market.

Mongolia is one of the top priority countries for export market diversification. Despite COVID-19, kimchi, ginseng, and fruits have gained popularity locally, with Korean agricultural food exports reaching $29 million as of the end of June, an increase of about 5.5% compared to the same period last year.

However, there are limitations such as small-scale import and sales of Korean products in Mongolia and an underdeveloped consumer market. Therefore, together with the newly launched buyers association, efforts will be made to scale up exports through establishing a systematic import and distribution system and joint marketing using new online platforms.

Additionally, Mongolia has implemented strong lockdown policies against COVID-19, resulting in no local infections. From the first half of the year, projects to secure online and offline market dominance will be expanded, including the opening of a dedicated Korean agricultural food section linked to food online malls and influencer-linked SNS marketing.

Tuya, CEO of Universe Foods, a Korean agricultural food importer, said, "The launch of the association has laid the foundation for Korean agricultural food to leap forward in the Mongolian market," adding, "We will create promotional synergy through joint marketing and focus on discovering promising items."

Shin Hyungon, Director of Food Exports at aT, said, "In emerging markets like Mongolia, building networks with import and distribution buyers who have various information on local marketability and promising items is very important," and added, "We will lead the expansion of Korean agricultural food consumption through joint marketing by organizing the association."

This content was produced with the assistance of AI translation services.