Bord Bia signed a Memorandum of Understanding (MOU) with Wyeth China while the Irish food board led a 12-company delegation to Shanghai this week.
It added that it anticipates more MOUs will also be signed by a number of the companies that participated at the event in the coming days.
Wyeth is a major strategic partner of Ireland in China which is Ireland's second most important market for dairy exports, accounting for €666.4 million in 2017.
The value of the Wyeth agreement to the Irish dairy industry is estimated at €110m annually.
“This agreement is very good news for the Irish dairy industry and a vote of confidence in the Irish food sector by one of its strategic partners, committed to working with us on sharing insights on Chinese consumers and building awareness of Ireland's premium food offering in the market,” Bord Bia CEO Tara McCarthy said, speaking at the event in Shanghai.
The MOU, Bord Bia said, is a commitment by the company to source all of its dairy ingredients for its Illuma base brand exclusively from milk from Irish farms participating in Bord Bia's Sustainable Dairy Assurance Scheme under the Origin Green programme.
Wyeth and Bord Bia also agreed to share consumer and market insight on the Chinese market, undertake awareness-raising around Ireland and its sustainably produced food offering and to work together on research and development.
© 2018 Checkout – your source for the latest Irish retail news. Article by Aidan O’Sullivan. Click subscribe to sign up for the Checkout print edition.