FOODPOLIS is a new industrial cluster being built in Korea focused on global agri-food exports and research and development. The complex houses businesses, research institutes, and public organizations.
Established by the Korean Ministry of Agriculture, Food and Rural Affairs (MAFRA), our primary objective is to help build Korea’s food industry by encouraging shared growth between large and small enterprises and the agricultural sector. We hope to foster intense collaboration, sparking knowledge sharing and innovation.
Companies within the industrial complex benefit from a range of incentives, various R&D support centers, and programs ranging from food functionality evaluation to food quality and packaging.
Located near Iksan city on Korea’s west coast on a total area of just over 3.5 million square meters of land, the cluster provides a clear strategic advantage for companies eyeing the Asian food market. It’s the perfect export platform.
Korea is at the heart of one of the world’s biggest growth stories. The global food industry is expected to be worth $7 trillion by 2020, and experts forecast the Asia-Pacific region as the center of it, making up for 40% of the industry. Northeast Asia’s food industry has shown steady annual growth of over 30% since 2010.
Source: Datamonitor(1.2015), 2014-2017 data are estimated
The population of the Northeast Asian region alone is approximately 1.5 billion people. Northeast Asia also accounts for 20% of the total GDP, 25% of the total populations, and 20% of the total volume of trade in the world. The region is expected to account for nearly one third of the total trade volume by 2020.
Korea has the 17th largest food market in the world, worth approximately $56.9 billion.
In 2010, we brought in over $5 billion in food exports.
Korea already has leading global companies in several technological industries including consumer electronics, memory chips, shipbuilding, steel, and autos. The World Bank ranked Korea as the world’s 7th in ease of doing business.
We have the world’s highest rate of university graduation and rank second in the rate of zeal of education. Companies can benefit from the ready pool of talent to take their food business forward.
Korea also stands as an excellent test bed for global markets, with a high population density, a trend-conscious and demanding consumer base, and a world-class IT infrastructure that enables companies to follow what consumers are saying closely and adjust before targeting other markets.
Korea is ready for global trade, and currently holds FTA with 50 countries. It has been an OECD member since 1996, WTO member since 1995, and a GATT member since 1967.
Source: Korean FTA Website, World Trade Organization Website, and OECD Website (10.2014)