The Ministry of Agriculture, Food and Rural Affairs said Monday it developed a mid to long-term research and development (R&D) plan to foster technologies in the agriculture and food sector. The plan aims to increase value-added effects three percent a year and help South Korea export agricultural products worth $15 billion by 2022.
The ministry selected four major areas for investment in response to the criticism that previously it made small R&D investments scattering across too many areas. The four major areas are: enhancing global competitiveness; creating new growth engine; stable food supply, and; strengthening public happiness. The agricultural ministry designated 50 core technologies that would help tackle key issues that affect the public on the ground and achieve agricultural industry’s goals.
To invest in the 50 technologies, the ministry intends to switch from the prior small-scale investments worth one billion won ($869,975) each, covering an extensive spectrum, to large investments worth 10 billion won each focused on several areas.
For full article, see Maeil Business.