Foreign Affairs and Racing Minister Rt Hon Winston Peters has welcomed a breakthrough for New Zealand horse bloodstock sales with Korea.
New Zealand sourced horses purchased by The Seoul Racehorse Owners Association delivered exceptional results in a showcase race this week – and has triggered a surge in Korean interest for New Zealand bloodstock.
Three New Zealand horses ran and placed in an “under 3- years- old, first time in Korea’ race in Seoul, taking first (Mighty New), second (Spider Hand) and fifth places (ChangSung Hit).
“Horse racing is big business in Korea and New Zealand’s horses have traditionally been rare on Korea’s sand tracks. But this strong showing has fuelled serious interest in our breeding operations and stock,” said Mr Peters.
The Minister witnessed the signing of a Memorandum of Arrangement between New Zealand and the Korean Racing Authority when he visited Seoul last November. The 8% tariff rate on ‘Horses for Racing’ was also eliminated in 2019 under the Korea-New Zealand Free Trade Agreement.
It paved the way for the Seoul Racehorse Owners Association to visit New Zealand and purchase horses in the Karaka “ready to run” sales. The Seoul race this week was the first outing of the New Zealand purchased horses.
“New Zealand has a strong international reputation for the quality of its horses but there still remains an enormous untapped potential for our bloodstock. Our export market is worth $140 million annually but there is genuine potential for this to be trebled,” said Mr Peters.
“The strong results this week are welcomed, especially the number of calls from owners and trainers this week expressing an interest in New Zealand horses,” said Mr Peters.