New Hope Group announced recently that the company had signed a strategic cooperation agreement with Korea's National Agricultural Cooperative Federation (NACF).
NACF provides various marketing and supply, as well as banking and insurance services for agricultural cooperatives and farmers principally in Korea. Under the agreement, both companies will work together in areas pertaining to the development and sales of processed food and dairy products.
The whole collaboration started when a group of New Hope Group's high-ranking executives went toKorea last year.They were very impressed with how NACF has helped to promote and develop Korea's agricultural supply chains, sonaturallythis sparked off interest for the two companies to want to work out something together.
Aspart of the agreement, New Hope Liuhe and NACF will set up a joint venture in China where they seek to expand the processed meat sector. Furthermore, Yunyouxuan, a subsidiary of New Hope Dairy, will also be bringing infamous Korea'sdairy brand "Moguchon", to be sold in China.