South Korea contributes towards global initiative to boost agri productivity

South Korea has helped launch a global food security programme aimed at improving agricultural productivity in developing countries, according to government officials.

The Ministry of Strategy and Finance said South Korea contributed US$50 million as the "founding donor" to the US$1 billion Global Agriculture and Food Security Programme that was first proposed at the economic summit of the Group 20 leading economies in Pittsburgh in September 2009.

The programme, to be managed by the World Bank in cooperation with the United Nations and other international bodies, is designed to help poor countries improve agriculture productivity and living conditions in rural areas and reduce unfair practices that hinder competition in the farming sector, it said.

Poor countries have been hit the hardest by sudden hikes in international grain prices and the economic downturn, which have affected the world from late 2008.

Other key donors are the US, which will contribute US$475 million, followed by Canada and Spain, which pledged US$230 million and US$95 million, respectively, and the Bill and Melinda Gates Foundation with US$30 million.

In a round table gathering in Washington on Thursday (Apr 22) to mark the historic launch of the programme, South Korea's Finance Minister Yoon Jeung-hyun said developing countries require assistance and support from developed economies, but they must do their part to enhance their own capabilities.

It is hoped that the new food programme will act as a catalyst to get countries to engage in self-help efforts, he said.

The official also said that South Korea, which suffered from severe poverty and food shortages in the 1950-60s, knows better than most countries the importance of food security and pledged it will continue to do its part to assist hard-pressed countries deal with food shortages.

Yoon added that the G-20 countries, which represent the bulk of the world's wealth, should do more to reduce trade barriers in the agriculture sector, alleviate market uncertainties and work together to reduce the fallout of speculators who have been accused of fuelling food prices in recent years.