[Photo provided by Hyundai Corporation Holdings Co.]
South Korea’s Hyundai Corporation Holdings Co. initiated construction of a modern distribution center for agricultural products equipped with quarantine facilities in Cambodia.
The company held a groundbreaking event on Thursday for a cutting-edge logistics facility equipped with vapor heat treatment to ensure hygiene in packaging and distribution of agricultural products. The center is located in Kampong Speu Province, nearby Phnom Penh.
Hyundai Corporation Holdings was spun off from Hyundai Corporation and went relisted on the country’s main Kospi bourse in October 2015. As of end of 2017, it raised about 150 billion won ($141 million) in annual sales as a holding company of Hyundai Corporation Group.
Hyundai Corporation Group together with Cambodia’s Mao Legacy Co. and Korea’s Seowon Distribution Co. will complete the construction by the end of September this year with an investment worth $10 million.
It plans to apply for a license for product exports to Korea. The company aims to export about 1,700 tons of mangoes in the first year and then to steadily expand the amount.
“We’ll add more tropical fruits like melons, durians and papayas to our list and expand our business to processing and distribution to apply the business model to other ASEAN countries,” said a company official.
By Hwang Soon-min and Lee Ha-yeon
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]