S. Korea aims to nearly double crop exports to $15 bn by 2027

President Yoon Suk-yeol visiting smart farm [Source : Photojournalists to the Office of the President]

The South Korean government has vowed extensive support to achieve $10 billion exports of farm and food items this year and $15 billion in 2027, according to the Ministry of Agriculture, Food and Rural Affairs on Wednesday.

The country’s farm and food exports last year stood at $8.8 billion.

It was a part of the ministry’s new year policy goals unveiled during a briefing session with President Yoon Suk-yeol on the day.

To expand food exports, the ministry will set up a task force that consists of experts from local governments, related organizations, and exporting companies in various fields such as food, smart farms, agricultural machinery, and seeds. The task force team to be led by the agriculture minister will be responsible for addressing challenges in export and exploring business opportunities.

The export destination for smart farming solutions will also be diversified. Currently, a pilot greenhouse for smart farm exported by Korea is being operated Kazakhstan and Vietnam. The government plans to build more pilot greenhouses in Australia and the Middle East within this year. The government has a plan to convert 30 percent of domestic greenhouses and animal sheds into smart farms by 2027.

The government is also seeking official development assistance (ODA) for African countries under the name of Korean Rice Belt (K-Rice Belt). Seven countries, including Senegal and Gambia, are targeted.

The local supply rate of overall food consumption will be raised to 55.5 percent by 2027 from 44.4 percent in 2021. This year’s goal was set at 48 percent. To this end, more subsidies will be given to farmers who raise so-called strategic crops, such as wheat and bean, the ministry said.