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The Agriculture Ministry announced on Wednesday its six-year plan to strengthen the food industry to match the soaring popularity of Korean food abroad and export homegrown expertise.
The fresh plan devised by the Ministry of Food, Agriculture, Forestry and Fisheries aims to triple food exports to $20 billion and create about 2 million jobs by 2017.
Under the plan, the local food chain would be valued at 245 trillion won by 2017, up from 131 trillion won as of 2009.
“Korean food has become ever more popular with the fresh wave of K-pop and it will take up a bigger portion of the global food market which is expected to reach $6.4 trillion by 2020,” Agriculture Minister Seo Gyu-yong told reporters.
The government’s strategy to attain the goal includes increasing state funding for research and development in the food industry from 104 billion won in 2009 to 400 billion won by 2017. Seed research companies will be eligible for up to 400 billion won in government subsidies in 2017, up from 25 billion won as of last year. The ministry vowed to provide one-stop consulting services for food producers, manufacturers and exporters looking to advance into Europe, North America and emerging markets.
“The food industry deserves a lot of investment. Our market research show that global demand for Korean cuisine is rising as K-pop spreads in Europe and Africa,” said Gwak Bum-gook, director general of Food Industry Policy Bureau at the ministry.
The ministry estimates the investments will help raise the number of companies with over 10 billion won in annual sales from 946 in 2010 to more than 2,000 in 2017.
Although food and agricultural exports took up less than 1 percent of the nation’s total exports of $467.4 billion last year, it is one of the fastest growing sectors posting annual expansion of 7.25 percent, the ministry said.
By Cynthia J. Kim (cynthiak@heraldcorp.com)
The fresh plan devised by the Ministry of Food, Agriculture, Forestry and Fisheries aims to triple food exports to $20 billion and create about 2 million jobs by 2017.
Under the plan, the local food chain would be valued at 245 trillion won by 2017, up from 131 trillion won as of 2009.
“Korean food has become ever more popular with the fresh wave of K-pop and it will take up a bigger portion of the global food market which is expected to reach $6.4 trillion by 2020,” Agriculture Minister Seo Gyu-yong told reporters.
The government’s strategy to attain the goal includes increasing state funding for research and development in the food industry from 104 billion won in 2009 to 400 billion won by 2017. Seed research companies will be eligible for up to 400 billion won in government subsidies in 2017, up from 25 billion won as of last year. The ministry vowed to provide one-stop consulting services for food producers, manufacturers and exporters looking to advance into Europe, North America and emerging markets.
“The food industry deserves a lot of investment. Our market research show that global demand for Korean cuisine is rising as K-pop spreads in Europe and Africa,” said Gwak Bum-gook, director general of Food Industry Policy Bureau at the ministry.
The ministry estimates the investments will help raise the number of companies with over 10 billion won in annual sales from 946 in 2010 to more than 2,000 in 2017.
Although food and agricultural exports took up less than 1 percent of the nation’s total exports of $467.4 billion last year, it is one of the fastest growing sectors posting annual expansion of 7.25 percent, the ministry said.
By Cynthia J. Kim (cynthiak@heraldcorp.com)
