SEOUL-- South Korea's oceans ministry said Monday it has inked an initial agreement with CJ CheilJedang Corp., a local food manufacturer, to carry out joint researches on marine resources that can potentially be used to produce foodstuffs, cosmetics and other consumer goods.

Under the memorandum of understanding, CJ CheilJedang and the National Marine Biodiversity Institute of Korea will exchange research data on marine resources and venture into ways to apply them to commercial products, according to the Ministry of Oceans and Fisheries.

The national institute currently operates the Marine Bio Bank, which manages the database of more than 7,600 biomaterials obtained from the ocean.

"The bank currently holds various marine materials that can be used to produce foodstuffs, cosmetics, and pharmaceutical products," the ministry said in a statement. "The agreement with CJ will speed up the development of consumer products that utilize such materials."

The agreement will also pave the way for the two sides to foster marine experts and share related infrastructures.

The ministry, meanwhile, plans to expand such cooperation with more South Korean businesses to further foster the country's marine industry.

Source: Yonhap News Agency