S. Korea set to boost food material exports sharply

By Lee Joon-seung
SEOUL, Feb. 24 (Yonhap) -- South Korea aims to sharply increase exports of food
materials over the next four years as part of efforts to develop agriculture into
a future growth industry, the government said Tuesday.
The Ministry for Food, Agriculture, Forestry and Fisheries said the government is
aiming to export US$3.5 billion worth of food materials by 2012, up sharply from
this year's estimated $90 million.
Food materials refer to products that have been cleaned, cut and packaged so they
can be used immediately at home, in restaurants and by manufacturers.
To reach the goal, the ministry said, it will use South Korean companies that
operate overseas plants to buy Korean food materials and ask local restaurant
franchises that have operations abroad to take similar steps.
There are up to 7,300 South Korean owned plants abroad that could fuel demand,
according to the ministry.
The size of the local food materials market will likely reach up to 24 trillion
won ($15.9 billion) by 2010, with the world market topping $2.7 trillion in 2007,
according to industry estimates.
yonngong@yna.co.kr
(END)