▲ Nara Bio / CEO Kim Il-ho

(PowerKorea) A South Korean agricultural bio technology company Nara Bio has signed a $500,000 deal of exporting 8,400 bottles (1kg each) of ModuSsack and 800 sachets (10kg each) of Ddangbuja with Kariz. ModuSsack received as an excellent eco-friendly pest control and Ddangbuja as an innovative soil improver. A total of 16.5 tons of these two products in 40 feet container is to be exported to Vietnam as a result of the MOU.

“ModuSsack and Ddangbuja have gone through numerous field tests in Vietnam before we finally have reached a deal. It means that excellence of ModuSsack and Ddangbuja in both performance and eco-friendliness are proved one more time by farmers and related authorities overseas. It is such a great feat. ModuSsack and Ddangbuja will help local farmers grow crops such as rice, peppers, coffee and durian more effectively and eco-friendly” said Kim Il-ho, CEO of Nara Bio, at his speech made at the ceremony held on June 4 in Gunsan City. Prior to this MOU, Nara Bio signed a deal June 1 to export the products to Mexico.

Kariz CEO Kim Jae-guk said on the day “The deal will only be the beginning to widen the markets. I will focus on Dalat, the agricultural product supply hub to Ho Chi Minh, to push forward sales of ModuSsack and Ddangbuja in earnest.”

Gunsan City deputy mayor Shin Hyun-seung said on the day “Nara Bio nestled in the Saemangeum Industrial Complex of the city last September and has played a role in supplying and producing quality agricultural equipment and products. I hope the deal this time would build presence of the company in the global stage over South Korea.”

North Jeolla Province corporate support division head Song Ju-sup said “It is such good news that Nara Bio has opened a channel to Vietnamese market. The province will provide necessary support for the deal to be fully implemented.”

Korea SMEs and Startups Agency North Jeolla Province head Kim Geun-young said “We are pleased to see Nara Bio growing fast through our facility fund. We have decided 4.5 billion won ($4 million) subsidy for automated factory system and we will keep providing support through export voucher and incubator.”

Established in 2018, Nara Bio is making and supplying around 20 eco-friendly agricultural fertilizers and pest controls. The company relocated the first factory to Gunsan last August to make ModuSsack and agricultural materials followed by the second factory with automated production lines. 

CEO Kim targets 15 billion won sales within this year, 25 billion won by 2022 alongside the listing the company in KOSDAQ, and 35 billion won by 2023. Nara Bio won Ministry of SMEs and Startups Prize at the Innovation Winner 2020 for excellence and innovative eco-friendly farming materials.