WAUSAU, Wis., Aug. 8, 2017 /PRNewswire/ -- Apple® products and Wisconsin Ginseng have Foxconn® in common. Foxconn, a Taiwan-based manufacturer of high-tech products, including iPhones®, has signed a memorandum of understanding (MOU) with the Ginseng Board of Wisconsin (GBW) that states that for the next year, the two organizations will investigate working together to promote Wisconsin Ginseng in Asia.
For the Wisconsin Ginseng industry, this means expanding export markets. U.S.-cultivated ginseng exports in fiscal year 2016 totaled 586,430 pounds valued at $20 million; 98 percent of these exports were from Wisconsin. The largest export market is the China/Hong Kong region, which imports approximately 85 percent of U.S.-cultivated ginseng exports.
Mr. Leonard Wu, President and CEO of Foxconn Technology Group stated, "American ginseng is the treasure of Wisconsin! It is a great opportunity for Foxconn to add our promotional and hopefully technological expertise to help Wisconsin American Ginseng return to glory and educate consumers about Wisconsin American Ginseng."
The Wisconsin Ginseng industry works very hard to promote this unique herb to the world. Ginseng has been used for hundreds of years for traditional Chinese medicine in China. It was discovered as a wild herb in the late 1800s and because of its popularity, farmers began cultivating it. It is one of America's oldest export products. Today, Wisconsin Ginseng continues to be a very popular product throughout Asia and in the U.S., with the recent Mayo Clinic study finding that it can increase energy levels in cancer patients complaining of fatigue.
"This MOU is a great start to begin exploring the idea of working with a leading Asian company to continue to promote Wisconsin Ginseng," said Robert Kaldunski, president of the GBW. "Success with this partnership could mean doubling our production size and diversifying markets. Also, it could mean increasing jobs in the central Wisconsin rural economy. We would love to leverage Foxconn's technology to help us increase production and develop value-added products that are convenient for consumers. They have already purchased Wisconsin Ginseng and after these original purchases, they came to us, wanting to work with us to promote Wisconsin Ginseng in Asia. Foxconn is a reputable company and we are excited to see what the future holds."
"This agreement between the Wisconsin Ginseng Board and Foxconn is one example of how the company's historic investment in Wisconsin will provide a significant economic boost in every region of the state," said Governor Scott Walker. "Wisconsin already has an international reputation for growing and producing high-quality ginseng that can't be found anywhere in the world. Foxconn's support has the potential to open new markets in Asia for Wisconsin's ginseng growers."
The Ginseng Board of Wisconsin represents Wisconsin Ginseng producers as the worldwide leader of the American ginseng industry. It is committed to the advertising, promotion and the sale of Wisconsin Ginseng, the purest ginseng in the world. For more information about Wisconsin Ginseng, visit www.ginsengboard.com. To be assured of purchasing genuine Wisconsin Ginseng, look for the Wisconsin Ginseng Seal.
SOURCE Ginseng Board of Wisconsin