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The state-run organization in charge of horseracing announced on Monday plans to step up as both a company engaged in social contributions and as a leader in the horse and leisure industry until 2022, the centennial year of South Korea’s horseracing history.
To meet the goal, the Korea Racing Authority revealed four targets to reach by 2022: to develop the industry into a 1.3 trillion won ($1.14 billion) market; to make 30 percent of its profits in non-racing businesses; to breed 100,000 horses; and to become the top public organization in terms of customer satisfaction.
The KRA’s ambitious move follows the law to boost the horse industry, passed last September, and the Agriculture Ministry’s announcement last week of a five-year plan to boost the horse industry.
“We plan to put in all efforts into realizing our future vision in aim to become a company for the public good and contribute to the national economy by developing horseracing and fostering the horse industry,” KRA CEO and chairman Chang Tae-pyong told the press on Monday.
The horseracing industry currently produces about 85 million won per year, and there are about 30,000 horses in the nation. Chang said the KRA will meet its goals by improving the infrastructure of the industry and popularizing the sport.
The organization also plans to diversify its business areas and raise 30 percent of its profits from other businesses such as the production of horse-related animation characters or a horse resort and farm complex.
KRA also disclosed eight specific tasks to achieve to help reach the goal, including the establishment of an international-level open competition like the acclaimed Kentucky Derby by 2022. It also vowed to open a 1.15-square-kilometer complex for large horses by 2015 and increase the number of horse exports from the current six per year to about 400 by 2022.
It also plans to increase the number of horseback riding clubs for the youth from the current eight to 50 in order to popularize the sport.
By Park Min-young (claire@heraldcorp.com)
To meet the goal, the Korea Racing Authority revealed four targets to reach by 2022: to develop the industry into a 1.3 trillion won ($1.14 billion) market; to make 30 percent of its profits in non-racing businesses; to breed 100,000 horses; and to become the top public organization in terms of customer satisfaction.
The KRA’s ambitious move follows the law to boost the horse industry, passed last September, and the Agriculture Ministry’s announcement last week of a five-year plan to boost the horse industry.
“We plan to put in all efforts into realizing our future vision in aim to become a company for the public good and contribute to the national economy by developing horseracing and fostering the horse industry,” KRA CEO and chairman Chang Tae-pyong told the press on Monday.
The horseracing industry currently produces about 85 million won per year, and there are about 30,000 horses in the nation. Chang said the KRA will meet its goals by improving the infrastructure of the industry and popularizing the sport.
The organization also plans to diversify its business areas and raise 30 percent of its profits from other businesses such as the production of horse-related animation characters or a horse resort and farm complex.
KRA also disclosed eight specific tasks to achieve to help reach the goal, including the establishment of an international-level open competition like the acclaimed Kentucky Derby by 2022. It also vowed to open a 1.15-square-kilometer complex for large horses by 2015 and increase the number of horse exports from the current six per year to about 400 by 2022.
It also plans to increase the number of horseback riding clubs for the youth from the current eight to 50 in order to popularize the sport.
By Park Min-young (claire@heraldcorp.com)
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Articles by Korea Herald
