Wis. Ginseng Board Signs $200 Million Deal in China
Posted at: 04/15/2013 1:08 PM
| Updated at: 04/15/2013 1:09 PM
MADISON, Wis. (AP) - The Ginseng Board of Wisconsin has signed a 10-year, $200 million deal with one of China's largest medicine companies.
Under the agreement, Tong Ren Tang Health Pharmaceutical, a 364-year-old Chinese pharmacy, will pay the board for trademark seals indicating the company is selling genuine Wisconsin ginseng at its 1,800 retail stores in China.
The company's partnership with the state ginseng board started in 2009.
Gov. Scott Walker announced the agreement on Monday in the capital city of Beijing. He is leading a state trade mission in the country in hopes of bringing more of Wisconsin's exports to the world's second largest economy.
Walker will visit Beijing, Tianjin, Harbin and Shanghai during the 10-day trip.
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