South Korea will host a farm machinery exhibition that is expected to help bolster exports and facilitate development efforts by local manufacturers, the government said Monday.
The Seoul International Exhibition of Machinery, Science and Technology for Agriculture 2008 (SIEMSTA) opens Tuesday for a four-day run in southern Seoul, said the Ministry for Food, Agriculture, Forestry and Fisheries.
With 3,000 farm machines made by 200 local and overseas manufacturers representing 20 countries showcased in the exhibition, local firms will enhance their overall competitiveness by getting first-hand knowledge on the latest developments, said the ministry.
"SIEMSTA, which was first held in 1992, has played an instrumental role in pushing up South Korean exports in this field 17-fold from US$28 million in the first year to $400 million in 2007," a government official said.
Seoul expects farm machinery exports to top $470 million this year.
"In 2006, roughly 90 billion won worth of export contracts were made at the exhibition itself, making it likely that direct talks between domestic sellers and foreign buyers will take place this year as well," the official said.
This year, the exhibit organized by the Korea Agriculture Machinery Industry Cooperative is expected to focus on energy conservation, irrigation, machine parts for farm equipment, and processing and packaging.