This file photo taken on Aug. 25, 2022, shows an exhibition on smart agriculture, or Green & Agritech Asia 2022, in the southern city of Gwangju. (Yonhap)
SEOUL, Jan. 10 (Korea Bizwire) – South Korea will double the annual budget for overseas development grants in the agricultural sector to 500 billion won (US$401.4 million) by 2027, the agriculture ministry said Tuesday.
The government approved the plan to raise the yearly budget for official development assistance (ODA) grants, which was 246.7 billion won as of 2021.
The grants will be used to support recipient nations’ production of rice and other crops and the development of their rural economy, according to the Ministry of Agriculture, Food and Rural Affairs.
Under the plan, South Korea will push for various projects that fit the features of each country and make the most of South Korea’s strength.
In Africa, South Korea plans to establish what it called a “K-rice belt” to help strengthen rice production capacity.
South Korea will help build smart farms and establish advanced systems for agricultural administration and statistics management in Asian nations, according to the ministry.
“The government will explore various projects with international organizations to help overcome global food crisis,” the ministry said in a release.
(Yonhap)
