ID :
29993
Thu, 11/13/2008 - 10:29
Auther :
Shortlink :
https://www.oananews.org//node/29993
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S. Korea to build up food sector into 150 tln won industry by 2012
By Lee Joon-seung
SEOUL, Nov. 13 (Yonhap) -- South Korea aims to build up the country's food
production sector into a 150 trillion won (US$107 billion) industry by 2012
through better quality control and exports, a senior policymaker said Thursday.
Food and Agriculture Minister Chang Tae-pyong said in a news conference that the
master plan calls for 7 percent annual growth in sales until the target year,
pushing up the market size by 50 trillion won from the 100 trillion won tallied
for 2006.
He said to fuel such growth, the government will allocate 5 trillion won over the
next five years, which can help create 150,000 more jobs and expand exports from
US$3.8 billion in 2007 to $10.0 billion by the end of 2012 for an average annual
growth of 22 percent.
The government support will be made up of 1.2 trillion won in subsidies and 3.8
trillion won in loans.
"Seoul will implement policies that could help manufacturers produce safe, top
quality food and ingredients that are in high demand, while formulating
strategies to expand overseas market presence," he said.
He pointed out that while local food manufacturers were relatively small in size,
the overall global market stands at an annual US$4 trillion and holds great
potential for growing South Korean companies.
"The industry as a whole is larger than both the global auto and information
technology industry and can be a value-added business that exceeds profits
generated by the making of semiconductors," the minister claimed.
Chang said to help make high quality goods, the government will push for
increased research and development outlays from 0.34 percent of sales or 340
billion won in 2006 to 2 percent in 2017, with emphasis placed on greater
cooperation between private and state-run laboratories.
Chang stressed that by winning trust of both local and foreign consumers, the
food industry could help grow the country's 42 trillion won agriculture market,
which is facing challenges from cheaper imports.
yonngong@yna.co.kr
(END)
SEOUL, Nov. 13 (Yonhap) -- South Korea aims to build up the country's food
production sector into a 150 trillion won (US$107 billion) industry by 2012
through better quality control and exports, a senior policymaker said Thursday.
Food and Agriculture Minister Chang Tae-pyong said in a news conference that the
master plan calls for 7 percent annual growth in sales until the target year,
pushing up the market size by 50 trillion won from the 100 trillion won tallied
for 2006.
He said to fuel such growth, the government will allocate 5 trillion won over the
next five years, which can help create 150,000 more jobs and expand exports from
US$3.8 billion in 2007 to $10.0 billion by the end of 2012 for an average annual
growth of 22 percent.
The government support will be made up of 1.2 trillion won in subsidies and 3.8
trillion won in loans.
"Seoul will implement policies that could help manufacturers produce safe, top
quality food and ingredients that are in high demand, while formulating
strategies to expand overseas market presence," he said.
He pointed out that while local food manufacturers were relatively small in size,
the overall global market stands at an annual US$4 trillion and holds great
potential for growing South Korean companies.
"The industry as a whole is larger than both the global auto and information
technology industry and can be a value-added business that exceeds profits
generated by the making of semiconductors," the minister claimed.
Chang said to help make high quality goods, the government will push for
increased research and development outlays from 0.34 percent of sales or 340
billion won in 2006 to 2 percent in 2017, with emphasis placed on greater
cooperation between private and state-run laboratories.
Chang stressed that by winning trust of both local and foreign consumers, the
food industry could help grow the country's 42 trillion won agriculture market,
which is facing challenges from cheaper imports.
yonngong@yna.co.kr
(END)
