PharmaRosso has expanded its partnership with Jec’sco Group, one of South Korea’s largest companies with a turnover of US$7 million last year, into a strategic partnership, following the start of their collaboration during the Seoul Fair held in Seoul, South Korea, last January. In addition to the strategic partnership and cooperation agreement between the two companies, agreements were also signed regarding joint raw material production. PharmaRosso Board Chairman Erdoğan Tuzcu stated that with these partnerships, they aim to become a pioneer in the cosmetics and personal care sector and achieve a leading position in the industry in a short time, and announced that they are planning a new investment with Jec’sco Group that will contribute to exports in Turkey.
Tuzcu said the following at the signing ceremony, which he attended together with U-Chan Kim, Chairman of the Board and CEO of Jec’sco Group: “Jec’sco Group is one of South Korea’s most established and reputable groups. It is a global giant operating in the cosmetics and personal care sectors. Our strategic partnership is the result of our efforts to bring long-term foreign capital to our country and take high-value-added steps. We plan to make an investment with Jec’sco Group to produce cosmetic raw materials, which are a very important import input for Turkey. This production will contribute both to the value chain and to solving the current account deficit problem. The production will involve raw materials used in the cosmetics, pharmaceutical, and personal care sectors. I believe this investment will be significant for our country. We will disclose further details about this substantial investment in the coming period.
The joint venture capital fund, which both groups plan to establish by contributing 1 million US dollars each in the first phase, is expected to reach 10 million US dollars with third-party investors from both domestic and international sources. Tuzcu also shared the following regarding agreements related to raw material production: “We are in agreement with Jec’sco Group that the stable structure, strong performance, and dynamism of the Turkish economy will continue to grow in the coming period.”