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Korea Aims to Expand Seed Exports to USD 200 Mln by 2022

According to Yonhap News,

(SEOUL=Yonhap News) The government will nurture the seed industry, considered a future growth engine for agricultural sectors, into a scale of USD 200 million in exports.

The Ministry of Agriculture, Food and Rural Affairs announced January 3 that it has green-lighted the 2nd 5-year Basic Plan for Nurturing the Seed Industry (2018-2022), which contains the direction of the government's plans to nurture and support the local seed industry over the next five years.

To cultivate the seed industry into a growth industry that leads the future of agriculture, the ministry amended the Seed Industry Act in 2013, and is scheduled to establish a new basic plan every five years thereafter.

The 2nd Basic Plan sets as its policy goal the structural enhancement and export promotion of the seed industry, and contains 4 implementation strategies and 13 enforcement projects.

To expand exports and raise global competitiveness, the ministry has decided to reinforce its support for securing foreign distribution channels, participating in foreign expositions, and making inroads into new markets in connection with ODA projects.

The goal is to raise the country's seed export volume from USD 54 million (no. 30 in the world) in 2016 to USD 200 million (no. 13) by 2022.

The government will build comprehensive support centers for joint use by different companies that support advanced facilities and technologies from the stage of seed processing to potential analyses.

In addition, the government also plans to push forward with research and development on new seed varieties that can respond to the future environment, including abnormal weathers and changes in consumption patters, as well as build big data and intelligent analysis systems for the industry.

Also included in the 2nd Basic Plan are the establishment of a seed production complex that uses reclaimed land in Saemangeum to expand seed output, and an international seed life research center that will cultivate talent and serve as a control tower for for the industry.

To enhance the structure of the seed industry so that it can be led by small and medium enterprises, existing support projects will be modified into selective and customized support packages for each company, and tax exemptions will continue to be provided for new seed variety research and development costs, the ministry explained.

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Source Text

Source: Yonhap News (Jan. 3, 2017)

** This article was translated from the Korean.
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