Otoki's instant noodle plant in Gumi, North Gyeongsang Province (Otoki) Otoki Ramyon, the instant noodle manufacturing affiliate of Korean food company Otoki, said Monday it would invest 200 billion won ($133 million) to build a new export-dedicated production facility in Gumi, North Gyeongsang Province, to cope with increasing global demand for Korean instant noodles.Under a memorandum of understanding with the local governments of Gumi and North Gyeongsang Province, Otoki Ramyon said it will create 120 new jobs as it aims to complete the construction of the new facility by 2029. The company underlined that Gumi's industrial infrastructure and logistics would contribute to Otoki's global presence.According to the memorandum, Otoki and the local governments will also cooperate in food technology sectors such as smart manufacturing, innovation of export manufacturing and improving regulations in consideration of manufacturing data standardization.With its flagship instant noodle brand Jin Ramen spearheading the firm's global expansion, Otoki currently exports products to more than 70 countries. It logged 409.7 billion won in overseas sales last year, up 13 percent from the previous year while accounting for about 11.2 percent of the total sales. "The investment in Gumi is more than an expansion of production capacity as it represents an important milestone in strengthening our global export capabilities and laying the foundation for sustainable growth," said Lee Shin-hyuk, CEO of Otoki Ramyon."We will work closely with North Gyeongsang Province and Gumi City to ensure the successful execution of the investment while contributing to the local economy and creating meaningful employment opportunities."