Moscow: Orion Corp., a Republic of Korean food and health care company, announced plans to invest 240 billion won (US$167 million) to expand its production facilities in Russia by 2027. This expansion is aimed at meeting the increasing local demand for Korean food products, commonly referred to as K-foods.
According to Lao News Agency, Orion currently operates two plants in Russia, located in Tver and Novosibirsk, and the expansion efforts will focus on the Tver facility. The move comes as part of Orion's strategy to solidify its presence in the Russian market, capitalizing on the growing popularity of its products.
Last month, Orion started supplying its Charm Bungeo pie, known as the Bungo pie in Russia, to approximately 20,000 retail outlets across the country. These include major chains such as Tander Hyper and supermarket operator Magnit, as mentioned in the company's press release.
Orion first established a subsidiary in Russia in 2003, and by 2021, its accumulated local sales had exceeded 1 trillion won. The company anticipates that cumulative sales will surpass 2 trillion won this year, driven by the strong demand for its K-food products.
Globally, Orion operates seven plants in the Republic of Korea and 11 overseas, with facilities in China, Vietnam, Russia, and India.