South Korea to import four million tonnes of grains until 2020:
SEOUL (December 24, 2010) : South Korea said on Thursday that it will import 4 million tonnes of grains, or 30 percent of total imports, directly in 2020 through a new supply system to reduce dependency on global majors and increase food security. State-run Korea Agro-Fisheries Trade Corp (aT) has formed a consortium with local food maker, trading and shipping companies - CJ CheilJedang Corp, Samsung C&T, STX Corp and Hanjin Transportation Co Ltd for direct grain imports, aT said in a statement.
"aT will enter the US markets first next year by forming a consortium with local private companies, paving the way for stable grain imports," the statement said. The consortium next year will import 50,000 tonnes of corn and 50,000 tonnes of soybeans from the United States through its new supply system, not depending on global majors, it said.
In 2020, it will import 500,000 tonnes of soybeans, 2.5 million tonnes of corn, 1 million tonnes of wheat, accounting for 30 percent of South Korea's annual grain imports, it added.
"aT and these private companies will increase efficiency and reduce risks as they will share roles in the value chain such as investing, purchasing, shipping and selling," the statement said. Under long-term plans aT will diversify grain import lines by entering markets including in Brazil and Ukraine.
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