A local company will sign a contract to export 300 billion won ($268 million) worth of bee venom mask packs to China this week, the Ministry of Agriculture, Food and Rural Affairs said Sunday.

The signing ceremony will be held at the Convention and Exhibition Center in southeastern Seoul on Monday between Beesen Co. and China's DIA Group, the ministry said, adding Beesen has developed the technology for the production of the bee venom mask packs with the financial assistance from the ministry from 2010-2013.

The ministry said it had provided support for the research and development activities of the local bee-farming industry

The bee venom facial mask packs contain the anti-inflammatory and anti-aging material "Bee M4A," the ministry said, noting bee venom is effective for the treatment of neuralgia, rheumatism and backaches.

Under the agreement, Beesen will ship 8 million bee venom mask packs to China every month for the coming two years.

"We hope the bee venom mask packs will serve as a new source of income for local producers of agricultural and livestock products," a ministry official said, expecting the new products will help increase the income of farmers through their exports. (Yonhap)