SEOUL, SPC Group, a South Korean food and beverage company, said Monday its bakery brand Paris Baguette will make inroads into 12 Middle Eastern and African markets by 2033 in its expansion strategy.
SPC's Paris Baguette brand has signed a memorandum of understanding with Saudi Arabia's Galadari Brothers Group for the establishment of their joint venture (JV) next year, the company said in a statement.
SPC is one of the South Korean companies accompanying President Yoon Suk Yeol who embarked on state visits to Saudi Arabia and Qatar on Saturday with economic cooperation high on the agenda.
The company plans to deliver halal foods produced at its plant under construction in Malaysia to the 12 markets that also include Qatar, Kuwait, Bahrain and the United Arab Emirates.
It aims to make a foray into the 2 trillion-won (US$1.5 billion) halal food market in the Middle East through the JV partnership with Galadari Brothers Group.
SPC has advanced into 10 countries with the Paris Baguette brand since 2004, and the number of Paris Baguette outlets has recently exceeded 500, the statement said.
SPC said it earned more than 600 billion won from the overseas Paris Baguette stores last year.
Source: Yonhap News Agency