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S. Korea to Foster Five Foodstuff Industries as New Growth Engines

Write: 2019-12-04 15:54:53Update: 2019-12-04 17:42:01

Photo : YONHAP News

South Korea plans to double the size of key food industries by 2030 by easing regulations and supporting related research and development.

The government made the announcement at an innovative growth strategy meeting led by Finance Minister Hong Nam-ki on Wednesday.

The Ministry of Agriculture, Food and Rural Affairs designated five socially and economically-important foodstuff industries with growth potential, namely customized, functional, ready-to-eat, environment-friendly and export-oriented food products.

The size of the industries, which was estimated to be worth a combined 12-point-four trillion won in 2018, is expected to double to 24-point-nine trillion won by 2030 and create more than 60-thousand jobs.

Regarding customized food products, such as meals for seniors and alternatives for vegetarians, the government plans to draw up a mid- to long-term research and development strategy and consider tax breaks to encourage investment.

Efforts will also be made to ease regulations on functional foods and ready-to-eat products and revamp the certification system for environment-friendly food products to help expand the market.

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