Otoki Ramyon, the instant noodle manufacturing subsidiary of leading Korean food giant Otoki, announced a significant investment of 200 billion won ($133 million) on Monday. This capital will fund a state-of-the-art, export-dedicated production facility in Gumi, North Gyeongsang Province, strategically positioned to meet the rapidly accelerating global demand for authentic Korean instant noodles.
Formalized through a Memorandum of Understanding (MOU) with the local governments of Gumi and North Gyeongsang Province, this ambitious project aims for completion by 2029. Otoki Ramyon projects the creation of 120 new employment opportunities within the region. The company emphasized Gumi’s robust industrial infrastructure and advanced logistics network as crucial assets, poised to significantly bolster Otoki’s expanding global market presence.
Beyond production, the MOU outlines a collaborative partnership between Otoki and the provincial governments in advanced food technology sectors. This includes joint efforts in smart manufacturing solutions, pioneering innovations in export manufacturing processes, and streamlining regulatory frameworks with a focus on manufacturing data standardization.
Spearheading Otoki’s impressive global expansion is its renowned flagship instant noodle brand, Jin Ramen. Currently, Otoki’s high-quality products are exported to over 70 countries worldwide. The company reported substantial overseas sales of 409.7 billion won last year, marking a robust 13 percent increase from the prior year and contributing approximately 11.2 percent to its total sales.
Lee Shin-hyuk, CEO of Otoki Ramyon, emphasized the strategic importance of the new initiative: “The investment in Gumi transcends mere expansion of production capacity; it signifies a pivotal milestone in significantly bolstering our global export capabilities and establishing a solid foundation for sustainable long-term growth.”
He further added, “We are committed to collaborating closely with North Gyeongsang Province and Gumi City, ensuring the seamless and successful execution of this crucial investment. Our goal is to make substantial contributions to the local economy and generate meaningful employment opportunities for the community.”
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