South Korea decided to secure 6 million tons of 5 items including wheat, soybean and corn

Published 2023년 5월 4일

Tridge summary

The South Korean government has announced a plan to increase its foreign agricultural imports by three times to 6 million tons of wheat, soybeans, corn, oil palm, and cassava by 2027. This initiative, titled the "2023-2027 4th Overseas Agricultural Resource Development Comprehensive Plan," aims to ensure a stable supply of these key agricultural products and protect against international food crises. The government will support private companies in expanding overseas, with a focus on regions such as the Americas, the Commonwealth of Independent States (CIS), and Oceania, diversifying from previous areas in Russia and Southeast Asia. The Ministry of Agriculture, Food and Rural Affairs also plans to streamline import procedures and enhance connections between domestic demand companies and overseas agricultural companies to smooth the import process.

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Original content

The government has decided to secure 6 million tons of five items, including wheat, soybeans and corn, from abroad by 2027 to ensure a stable supply of major agricultural products. The Ministry of Agriculture, Food and Rural Affairs announced the “2023-2027 4th Overseas Agricultural Resource Development Comprehensive Plan” on the 3rd. The Overseas Agricultural Resources Development Comprehensive Plan is a mid- to long-term plan to prepare for international food crises by supporting the overseas expansion of private companies. The government selected five items for support: wheat, soybean, corn, oil palm (raw material for cooking oil) and cassava (raw material for starch), which are essential raw materials for the food industry, in consideration of their dependence on foreign imports, domestic supply situation, and impact on prices. . It plans to secure a total of 6 million tons by 2027 by first selecting companies that produce five major varieties when promoting overseas expansion ...

Source: Donga