The Korea Rural Community Corp., a public firm that has carried out rural infrastructure and community development projects for decades, is shifting its focus to overseas projects under its new leadership.
“The demand for learning from Korea’s agricultural infrastructure construction and rural and fishing village development know-how is increasing in developing countries,” KRC CEO Lee Sang-mu told The Korea Herald.
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KRC CEO Lee Sang-mu speaks in an interview with The Korea Herald. (KRC) |
“The KRC will focus on tapping overseas business opportunities in such areas under a new vision of becoming a globally competitive public firm in the agricultural sector.”
Since his inauguration in September, Lee, who has extensive international contacts in the agricultural sector, opened two overseas branches in Hanoi, Vietnam, and Bangkok, Thailand. The KRC has one other overseas branch, in Jakarta, Indonesia.
“These overseas branches will take a leading role in exporting Korea’s advanced agricultural infrastructure development know-how, including a water resource development and management facility construction project, to Southeast Asian countries,” said Lee, who was previously chairman of the Korea FAO Association.
Lee said the KRC’s overseas targets would include construction projects to build small dams for irrigation and flood control.
“The KRC has also secured experience in tideland reclamation projects by constructing a sea wall,” Lee added.
The KRC used its own technology to lead the Saemangeum project to create land for agricultural production and related businesses by constructing a 33.9 kilometer-long sea dike.
To solve funding issues in developing countries, the KRC is considering using development funds from international organizations, including the Asia Development Bank.
“To strengthen overseas businesses, the KRC is hiring experienced staff, including Dr. Yoo Ki-hee, a former ADB official,” Lee said.
The new KRC head launched an overseas business enhancement drive because of the corporation’s high dependency on the Korean government, which provides about 95 percent of the KRC budget.
“As the number of domestic projects is falling in line with the advancement of the nation’s agricultural infrastructure, the KRC has no choice but to turn its gaze toward overseas business opportunities for its sustainable growth,” Lee said.
At home, the KRC’s business focus will also shift to improve quality of life in rural areas rather than agricultural infrastructure building projects.
“There is no bright future in rural areas unless Korea narrows the widening gap between rural areas and cities in quality of life,” said Lee, who was a key agricultural policy adviser to President Park Geun-hye before the presidential election last December.
Lee has advised the government to improve the living environment of rural areas and to develop diversified income generation models beyond agriculture to attract young workers.
By Seo Jee-yeon (
jyseo@heraldcorp.com)
