How will we survive in the age of global competition? The key is to know what is ahead. If you know what is coming, you can draw up the right plans to prepare for changes that are imminent. Korean companies must anticipate the future and create proper strategies to compete against global companies. To respond quickly to the fast-changing conditions, strategies tailored to regions and sectors with high growth potential are necessary.

The world perceives China and India as the regions most likely to experience rapid growth. The Chinese economy became the second largest in 2010, and its total number of Internet users surpassed the size of the U.S. population. Out of the 500 biggest companies on the 2013 Fortune Global 500 list, a mere 14 were Korean, while as many as 89 were Chinese. By 2030, India is forecast to outpace China and become the nation with the largest population. If you combine the populations of China and India, they account for some 40 percent of the global population. Companies that wish to grow and become global will naturally have to cater to the tastes of Asia, where the largest number of consumers live.

On the industrial front, the food industry appears to have the highest growth potential. Experts predict that global aging will lead to the rapid development of food that consumers can eat more conveniently, tailored to their health needs and healthier in general.

At the same time, the demand for convenience will give birth to high-tech food created through a combination of IT and biotechnology. Even now, multinational companies are paying close attention to the infinite growth potential of the food industry. A growing number of futurologists also believe the food industry will become the next big global trend.

So what would be the wisest way to respond to these new trends? First and foremost, research and development is essential for developing innovative and creative products. The Korean government will not pinch pennies on investment in the food industry. As part of such efforts, a food industry mecca will soon be built to introduce cutting-edge products to the world. This mecca is FOODPOLIS, a national food cluster that is slated to be completed by 2016. Leading companies and research centers in and out of the country will gather here to develop new products by converging science and IT. Furthermore, support programs will be offered to promote the export of new products from both domestic and international companies to China and other Asian markets.

A welcome piece of news is that many foreign companies, including ones in the Americas and Europe, are taking note of this national food cluster as the hub for Asian food markets, including those in China and India. This is because Korea is seen as a global test market due to its world-class IT infrastructure and diverse consumer groups. If and when foreign food companies move into the national food cluster, they will enjoy the business and cultural advantages of operating in Korea.

The government also plans to provide full-fledged support to companies to help them create high added value. It will work to provide an environment tailored to the development of new products such as health-functional foods. It will also set up a channel where companies can cooperate through joint research, and resolve regulatory problems that act as barriers to trade.

The future is a dreamland where anyone can become the next pioneer. I look forward to seeing more individuals in the food industry challenge themselves to build successful futures. I hope to walk alongside these trailblazers, and I hope they can make their dreams come true at FOODPOLIS, our answer to the future.
 
By Yeo In-hong, Vice Minister of Agriculture, Food and Rural Affairs