Criticism has emerged that although the government has touted the food-tech industry as a next-generation growth engine, it has effectively neglected investment, including budget allocations.
According to the political sphere on the 16th, the Ministry of Agriculture, Food and Rural Affairs has set a goal of fostering 30 food-tech unicorn corporations (unlisted startups valued at $1 billion or more) by 2027 and achieving $2 billion in exports (Hanwha about 2.8388 trillion won). However, data secured by People Power Party Rep. Cho Kyung-tae, a sixth-term lawmaker on the Agriculture. Food. Rural Affairs. Oceans. and Fisheries Committee, show that food-tech exports rose from $540 million (about 766.5 billion won) in 2022 to $630 million (about 894.2 billion won) in 2024, an increase of just $90 million over two years. At the current pace, meeting the 2027 target ($2 billion) will be difficult.
Performance in nurturing unicorn corporations is also weak. The Agriculture Ministry said it has supported a total of 41 companies, including "baby unicorns" and "pre-unicorns," but Rep. Cho said the number of listed unicorns has not increased by even one.
More serious is the budget. According to Rep. Cho, the Ministry of Agriculture's food-tech-related budget for 2025 is around 6.4 billion won, including 4.2 billion won for the Food-tech Research Support Center. Given that the ministry's total budget is 18.7416 trillion won, that is just 0.02%. In particular, the "food-tech fund," which the ministry announced last year would be created at a scale of 100 billion won, was effectively scrapped within a year after being combined with other sectors such as smart farms.
Major countries overseas have already staked everything on fostering food-tech. The Netherlands created "Food Valley" and rose to become the world's No. 2 agricultural exporter. Israel is also investing 20% of its agriculture budget in research and development (R&D), including food-tech.
Rep. Cho said, "The global food-tech market is 'a battlefield without gunfire,' yet our government is talking about the future while investing a mere 0.02% out of a budget exceeding 18 trillion won. This is dereliction of duty and a deception of the public," adding, "A major shift in policy is needed to build the food-tech ecosystem before we miss the golden time."