Foreign food brands still choose Hong Kong launchpad
SCMP · 1 SOURCESabout 3 hours ago2 MIN
Summary
Despite weakness in Hong Kong’s food and beverage sector, overseas food businesses are still selecting the city for expansion, including a South Korean hydroponic ginseng producer and a 123-year-old Japanese confectioner making their first overseas moves. The latest step is a partnership between Seoul-based Biofx and Hong Kong urban farming company Farm66 to grow and sell Korean gourmet ginseng locally.
Key Points
- Biofx founder and chief executive Jack Kwon signed a deal with Hong Kong hydroponics company Farm66 last Thursday for local cultivation and sales of Korean gourmet ginseng.
- The agreement is the first time Biofx has expanded its hydroponically grown ginseng operations overseas, using Hong Kong as its initial foreign base.
- Kwon said Biofx considered Japan, Singapore and Vietnam, but chose Hong Kong because he viewed it as Asia’s top fine-dining market.
- He also said Hong Kong would serve as a springboard into Singapore, Vietnam and Japan, while company formation in the city was the most flexible.
- Kwon said he found Farm66 through ChatGPT in August last year, and Farm66 will provide infrastructure and technology for the Hong Kong operation.
Why It Matters
Hong Kong’s appeal in this case rests less on mass-market dining conditions than on its reputation for premium food consumption and its usefulness as a regional operating base. If projects such as hydroponic ginseng farming proceed, they could reinforce the city’s role as a testing ground for high-end food products and restaurant supply chains.