SEJONG, Jan. 22 (Korea Bizwire) — South Korea’s horse racing authority said Wednesday it will beef up exports of its racing systems and diversify its trade portfolio by penetrating deeper into other Asian countries.
Exports of South Korea’s horse racing systems are expected to reach 5 billion won (US$4.29 million) in 2020, vastly up from 300 million won a year earlier, according to the Korea Racing Authority (KRA).
The bold target came after the KRA recently won a deal in Vietnam to provide consulting programs to build tracks and infrastructure in the Southeast Asian country.
The state-run authority said it will carry out feasibility studies on Vietnam’s horse racing projects by June.
The KRA said it also plans to expand exports of such services to countries like Thailand, Laos and Kazakhstan this year.
The agency, which currently airs horse races in 13 countries, said it will start broadcasting the sport in South Africa and Chile later in 2020.
South Korea will also kick off full-fledged efforts to export retired horses, with the goal of shipping about 100 animals annually.
The first batch of around 30 retired horses will be sent to Malaysia in the first half for an estimated price of $120,000.