New Name for New Zealand Beef in Korea

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New logos that will appear on New Zealand beef in the Korean market.

MEDIA RELEASE

8 August 2006

New name for New Zealand beef in Korea

Meat & Wool New Zealand is about to launch an appellation (name) for beef sold in the important Korean market.

The name, which translates to New Zealand Nature-bred Beef (New Zealand Ja-yeon Ki-woon Sogogi) will also be accompanied by the positioning slogan, A Healthy Gift from Pure New Zealand Nature (New Zealand chung-jung Ja-yeon-yi Jun Gun-gang-han Sun-mool).

Meat & Wool New Zealand Manager Market Development, Craig Finch says the name highlights New Zealand beef as a safe and natural alternative to competitor grain fed beef supplied to the Korean market by Australia and the US.

“Our main objective here is to strengthen recognition of New Zealand beef and create a positive point of difference that strongly focused at the retail sector.

The Korean market holds significant potential for New Zealand as its economy strengthens and more beef is consumed by an increasingly affluent middleclass.

“Our point of difference in this market is that New Zealand beef is grass-fed and completely natural. Combined with our disease-free status, New Zealand beef is a natural fit with the Korean people who are very particular about their health and food safety.”

Mr Finch said the naming strategy provided a new pathway to promote New Zealand beef as a natural and healthy food.

New Zealand “Grass-fed beef has all the good things – low in fat, high in iron and vitamins and the right Omega-3 balance to stimulate better health.”

The new name and slogan is being launched by Meat & Wool New Zealand Chairman, Jeff Grant at a special function in Seoul later today. Invited guests include importers, distributors, government officials and media and after the official launch and press conference at the Grand Intercontinental, guests will be served a buffet meal featuring New Zealand beef.

Guests will also be presented with a set of digital scales carrying the New Zealand beef Korean logo and the new name and slogan as a further reinforcement of the healthy aspects of New Zealand beef.

Accompanying Mr Grant to Korea is Meat & Wool Director, David Douglas and CEO, Mark Jeffries. After the launch in Seoul they will visit Government officials in Beijing to build links as progress is made towards securing a Free Trade Agreement with China. The team will also visit Hong Kong, Taiwan and Japan to renew contact with officials and the trade.

Key statistics about Korea

- Population 48,422,644

- GDP per capita 20,300 ppp

- Korean market is presently closed to US because of BSE

- A 40% tarrif is applied to beef, 22.5% tarrif is applied to sheep meat and 18% tarrif is applied to offals

- Pork is the favoured meat consumed by Koreans, with beef following, poultry third and sheepmeat fourth

- In 2004-05 beef exports to Korea were worth $217 million, sheepmeat exports were worth $4million and wool exports were worth almost $1million

ENDS

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