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.
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