JBS partners with South Korea’s Highland Foods aiming expansion into Asia

JBS, the world’s largest beef company, signed a memorandum of understanding on Tuesday, July 28, with South Korea’s Highland Foods Co., Ltd. to establish a “global strategic business partnership,” according to a document sent by ApexBrasil to reporters.

The agreement provides for stronger long-term commercial cooperation between the two companies, expanded market opportunities, support for innovation and a larger presence for JBS products in South Korea and other strategic markets.

The signing took place during the Brazil-Korea Business Roundtable, held in São Paulo and organized by the Brazilian Trade and Investment Promotion Agency, ApexBrasil, and the Federation of Korean Industries, or FKI.

The partnership was formalized by Jerry O’Callaghan, chairman of JBS’s board of directors, and Highland Foods founder and CEO Young Mi Youn.

Five other agreements were also signed during the event, covering innovation, pharmaceuticals, artificial intelligence, aerospace and other sectors.

Founded in 1999, Highland Foods is a trading company active in the import, processing, logistics and distribution of beef, pork, poultry and lamb. The company has supply partnerships in 19 countries across North and South America, Southeast Asia, Europe and Oceania.

Last year, Highland Foods recorded sales of approximately $876.4 million.

The Brazil-Korea Business Roundtable is part of a broader agenda surrounding South Korean President Lee Jae-myung’s state visit to Brazil.

On Monday, July 27, Lee met President Luiz Inácio Lula da Silva in Brasília. The two governments announced the creation of a working group aimed at unblocking negotiations on a trade agreement between Mercosur and South Korea, which have been stalled since 2019.

Lula also said South Korean sanitary authorities are expected to visit Brazil in August as part of negotiations to open South Korea’s market to Brazilian beef.

Source: Globo Rural

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