ORION said on the 18th that it will establish a joint venture for seafood processing with the National Federation of Fisheries Cooperatives in October.
According to ORION, the two sides signed a joint investment agreement that day at the National Federation of Fisheries Cooperatives headquarters to establish a joint venture for seafood processing. ORION and the federation will each contribute 50% equity for a total capital of 60 billion won to establish a fisheries corporate entity, "ORION Suhyup."
They also plan to promote the globalization of seafood by combining the companies' seafood supply capacity with global manufacturing and distribution capabilities. The federation will supply high-quality raw seafood materials, including dried gim (seaweed), to the newly established ORION Suhyup. Using this, ORION Suhyup will produce finished goods and supply them to ORION, and ORION plans to carry out branding and domestic and overseas sales of the products based on its own global food processing capabilities and marketing and distribution capacity.
The first project the two companies will pursue is the production of gim products using dried gim. They also plan to develop products that fit consumer trends, such as snacks using seafood, and expand their business scope. To that end, they plan to build seasoned gim plants in Korea and abroad, with ground-breaking targeted within the year.
Korea's gim industry accounts for more than 70% of the global gim market. In 2024, it produced about 150 million bundles of gim annually, and exports reached about $1 billion (about 1.4 trillion won) for the first time on record. Although it is considered one of the most competitive export items in the K-food industry, industry observers say that to ensure systematic future growth of Korea's fisheries industry, it is urgent to raise added value while advancing global industrialization.
Meanwhile, the contract signing ceremony was attended by ORION Group Vice Chairman Heo In-chul and National Federation of Fisheries Cooperatives President Noh Dong-jin, among other officials from both sides. Vice Chairman Heo said, "We will actively work to expand the overseas market for our seafood and establish its global standing," and added, "This joint venture with the federation will become another future growth engine for ORION."
President Noh also said, "We will strengthen strategic collaboration with ORION, a global food company, so that this becomes the starting point for advancing high value-added seafood industries—including gim—that encompass processing, branding, and exports beyond raw material–centric distribution."