Nodongjin, the president of the National Fisheries Cooperative Federation (left), takes a commemorative photo with Heo In-cheol, the vice president of ORION Group, during the signing ceremony for a business agreement aimed at establishing a joint venture for the purpose of industrial advancement and securing a stable market for processed seaweed on the 17th at the headquarters in Songpa-gu, Seoul. /Courtesy of National Fisheries Cooperative Federation

On the 17th, the National Federation of Fisheries Cooperatives (SuHyup) and ORION signed a memorandum of understanding (MOU), announcing the initiation of developing a premium seafood brand centered around seaweed and establishing a joint venture for processing seaweed. SuHyup will supply the materials, and ORION will produce the seaweed food products, focusing on enhancing the seaweed industry.

This agreement was reached after SuHyup initially proposed a joint project to ORION. Through this agreement, SuHyup and ORION plan to establish a joint task force (TF) within this year to discuss specific details such as the corporate establishment method, investment structure, product planning, and factory design. After establishing the joint venture, they plan to continue cooperation in adding value to seafood products, joint product development and branding, expanding overseas distribution channels, and building production bases.

Korea's seaweed industry produced approximately 150 million sheets of seaweed annually as of 2024 and recorded exports of $997 million (approximately 1.4 trillion won) last year, making it the top export item in the seafood category. According to the tariff office, seaweed exports have continued to show double-digit growth rates every month this year.

SuHyup and ORION plan to expand their cooperation to the entire seafood processing industry, starting with seaweed. Labor Minister Jin of the National Federation of Fisheries Cooperatives stated, "This is an ideal model that combines SuHyup's raw material supply capability and ORION's expertise in food processing and distribution," adding, "It will create stable income for fishers and serve as an opportunity for the global expansion of Korean seafood."

Heo In-cheol, vice chairman of the ORION Group, said, "We will actively cooperate with SuHyup to increase the added value of domestic seafood and expand into global markets."

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