September 7, 2011

South Korea to develop agriculture sector

South Korean President Lee Myung-bak has called for the country's agriculture sector to be upgraded into a higher value-added export sector on Tuesday (Sep 6 ), referring to highly populated nations surrounding South Korea, like China and Japan, and the increase in demand for agricultural products.

"Now, it is time for our agriculture to grow as an export industry," Lee said. "In nearby Asian markets such as China and Japan, there are 500 million people with a per capita annual income of more than US$15,000. With incomes in an emerging economy such as China rising fast, demand for safe, quality agricultural products is rising."

Lee also said that the global market for agricultural products is valued at KRW$5.8 trillion (US$725 million), which is larger than the combined values of the information technology and auto industries.

"The Netherlands developed agriculture into a high-tech export industry, though it has a smaller landmass than us, expensive labour and unfavourable weather conditions," Lee said. "There is no reason that we cannot do so as well. There is no reason our agriculture should not become a high value-added, high-tech industry."