Farm ministry to spend W152.2 bil. on R&D

Korea's farm ministry said Sunday it plans to spend 152.2 billion won ($135.3 million) this year on research and development (R&D), up 3.3 percent from the previous year.

Around one-third of the 2012 R&D spending will be used to support technology development in the biotech sector, while the remainder will be spent on projects such as boosting exports and developing high-value food products, according to the Ministry for Food, Agriculture, Forestry and Fisheries.

The ministry said it will also inject 4 billion won to support technology development to counter cattle diseases and another 2.3 billion won to develop the so-called "golden seeds."

Last year, the farm ministry announced a 10-year plan to spend 814 billion won to develop more than 20 important seeds that could fuel growth in the local seed industry. (Yonhap)