"Unicorn Food Companies Must Emerge"... Ruling Party Discusses Food Industry Development Plans

Food Tech Industry Development Meeting Between Ruling and Opposition Parties
Seong Il-jong Promises "Tax and Budget Support"

[Image source=Yonhap News]

[Asia Economy Reporter Kwon Hyun-ji] On the 13th, the People Power Party presented a direction to focus on nurturing the domestic food industry. They plan to prepare support measures such as expanding opportunities for overseas market entry to create an environment where unicorn companies (companies valued at over 1 billion dollars) can emerge in the domestic food industry.

Seong Il-jong, the Policy Committee Chairman of the People Power Party, stated at the 'Private-Public-Party-Government Council for the Development of the Food Tech Industry' held at the National Assembly on the same day, “The number of food-related companies in South Korea is very small, and exports amount to about 500 million dollars,” adding, “We need to focus on nurturing this sector so that representative unicorn companies that can sustain South Korea’s future can emerge.”

He explained, “The United States’ DuPont company sold its chemical industry to invest in the food industry, including seeds, which South Korea needs to benchmark,” and added, “This means moving beyond the general concept of food to an industry related to prevention and treatment that can accompany our lives and lead to longevity.”

He also urged the government’s role, including the Ministry of Agriculture, Food and Rural Affairs. Chairman Seong emphasized, “The Yoon Seok-yeol administration is making every effort to discover future food sources. I believe the Ministry of Agriculture, Food and Rural Affairs needs to take the lead in this area,” and stressed, “The ministry should be renamed the ‘Ministry of Agriculture, Livestock, and Food Industry’ to secure South Korea’s future.”

In this regard, Jung Hwang-geun, Minister of Agriculture, Food and Rural Affairs, said, “We will provide startup opportunities and jobs to young talents in food companies and expand opportunities for our food companies to enter the global market.”

Chairman Seong promised, “If there are legislative support areas in the National Assembly, including seed money, tax benefits, and export promotion, we will support them, and we will also study from various angles whether there are budgetary support areas.”

This content was produced with the assistance of AI translation services.