KUALA LUMPUR: FDI Global Sdn Bhd, Malaysia’s vertically integrated aquaculture and seafood processing company, signed a memorandum of understanding (MoU) with Oceans Global Co Ltd, a fast-growing Korean seafood importer associated with Foosung Group, one of Korea’s long-established industrial conglomerates.
Under the MoU, Oceans Global will receive first negotiation rights for up to 60 metric tons of shrimp per month for import into the Republic of Korea.
The agreement covers FDI Global’s premium Black Tiger Shrimp (Penaeus Monodon), Pacific White Shrimp, and other value-added seafood products produced at the company’s farms and processing facilities.
FDI Global group CEO Steven Tan Eng Chong said partnering with Oceans Global marks an important step as the company deepens its presence in North Asia.
“Korea is a long-term strategic market for FDI, not just for volume growth but also for building a premium, sustainable Malaysian shrimp brand that can stand alongside the best suppliers in the region,” he said in a statement.
Foosung Group is a diversified Korean industrial group with more than KRW 2.13 trillion in revenue, 25 affiliates, and over 3,100 employees.
Its subsidiaries supply key materials and components to major Korean industrial names, including Hyundai Steel and Hyundai Motor.
The Korean shrimp market is valued at US$1.37 billion in 2024, with imports accounting for the majority of domestic consumption.
Korea imported US$640 million in shrimp in the first 10 months of 2023, driven by strong demand from retailers, hotels, home shopping channels, and institutional catering.
Shrimp is a key protein in Korea, where annual seafood consumption averages 65.6 kg per person, one of the highest in the world.
A key part of the partnership is aligning quality control (QC) standards for the Korean market, including antibiotic and virus testing, hygiene audits, and export documentation.
The parties will also develop a joint production quality standard manual to support consistent, compliant shipments.
FDIGS Makmur Sdn Bhd general manager Michael Saw Eng Hoe said this partnership also strengthens the company’s operational alignment with the Korean market.
“By working closely with Oceans Global on QC standards, documentation and process discipline, our team is committed to delivering consistent and compliant shipments for this new export channel,” he said.
The MoU further includes cooperation on sustainability and ESG initiatives such as eco-friendly farming, cold-chain optimisation, and carbon-reduction efforts.
