S. Korea fosters 30 food tech unicorns within next 5 years

The Korean government by 2027 seeks to develop 30 food tech unicorns and boost exports in this sector to $2 billion through stronger support for the agri-food industry.

The Ministry of Agriculture, Food and Rural Affairs on Wednesday released its plan to develop the food tech industry that includes measures like an exclusive fund for the sector worth 100 billion won ($76.8 million) that offers financial support to companies at every business stage.

Food tech is a new industry that incorporates cutting-edge technologies such as information and bio technology and artificial intelligence into the processes of food production, distribution and consumption. Vegetable substitutes, online distribution platforms, and robots for delivery, serving and cooking food are leading examples of this field.

An information platform for food tech investment will be opened in June to provide company data to investors and advice on devising business plans to the corporate sector.

Stronger support will also go to the international advances of food tech companies. Each business will receive data on a country's regulatory standards such as for food additives and labeling, certifications and market trends. 

Write to Jung-hwan Hwang at jung@hankyung.com