Invest KOREA

South Korea is targeting to export US$1 billion worth of farm equipment in 2015 by increasing support for local manufacturers, the government said Wednesday.

The Ministry for Food, Agriculture, Forestry and Fisheries said it will inject 540 billion won (US$482.4 million) until the target year to help with research and development, and take steps to offer overseas market information and export consulting to local businesses.

In 2010, the country's farm equipment exports stood at just $134 million.

"The Korea Agricultural Machinery Industry Cooperative and the Korea International Cooperation Agency will give assistance to help machinery manufacturers enter overseas markets and establish export strategies," the ministry said.

It said efforts will be made to enter promising markets in Southeast Asia, the Middle East and Latin America. At present, the United States is the No. 1 export market, with roughly 34 percent of all farm equipment being shipped to the North American country.

The farm ministry said that if the plan moves forward accordingly, the country's share of the global farm equipment market may rise to 2 percent in 2015 from 1 percent in 2010.

Source Text

Source: Yonhap News (Feb. 29, 2012)