CJ Group to support agricultural enterprises

CJ Group, Korea’s largest food and entertainment conglomerate, said Tuesday it will launch a program to support small and medium-size agricultural enterprises to grow into export-oriented companies.

CJ Corp. vice chairman Lee Chae-wook signed a memorandum of understanding with the National Commission for Corporate Partnership.

“With partnership with the commission, CJ, which has sought to grow side by side with SMEs, will increase investment to help agricultural SMEs with potential make inroads into overseas markets,’’ the group said in a press release.

“The food giant will create the so-called ‘Co-Growth’ fund, worth 120 billion won ($118 million), with four of its key affiliates ― CJ Corp., CJ O Shopping, CJ Korea Express and CJ E&M.’’

Also, CJ affiliates will seek to boost exports of agricultural SMEs mainly by offering CJ’s sales distribution and marketing channels.

CJ Corp. will source more quality local agricultural goods for overseas consumers.

CJ E&M, the group’s entertainment arm, will invest more in KCON, its annual K-pop concert in the U.S., enabling SMEs to use the music festival as a marketing tool for local farm products.

As a test bed, the company ran exhibition booths on Korean food products in front of a music festival venue in Los Angeles last month.

“CJ Group, whose founding philosophy is to seek the nation’s economic prosperity through business success, feels a sense of responsibility to raise the global competitiveness of the agricultural sector,’’ Lee said.

As a food business-driven conglomerate, CJ group has a keen interest in developing the agricultural industry for future growth.

The group has continued to develop business opportunities in the agricultural sector both at home and abroad.

Recently, it expanded investment in research and development of grain and vegetable seeds.

By Seo Jee-yeon (jyseo@heraldcorp.com)