Agriculture R&D is South Korea's next big bet

The Seoul government plans to spend KRW5.9 trillion (US$5 billion) on farming and food industry research and development (R&D) by 2014 to build up the country's capabilities in these sectors.

The injection of funds starting in the new year could help boost South Korea's capabilities in the sectors to 82% from the current 67%, said the Ministry for Food, Agriculture, Forestry and Fisheries.

R&D will be focused on seven key areas including farm production, processing, distribution, biotech and food distribution.

About KRW663.1 billion (US$562.3 million) will be spent on South Korea's seed industry, with eco-friendly and green growth-related projects receiving KRW267.6 billion (US$234.56 million).

Prevention of livestock disease and research to streamline quarantine operations will receive KRW278.6 billion (US$236.3 million), with food safety to receive KRW218 billion (US$185 million).