Gyeongnam Province Supports Pig Farming Households Closing Business... FTA Closure Support Fund Provided

16 Hog Farms in the Province Receive 5.3 Billion Won in Support

[Image source=Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Park Saeyan] Gyeongsangnam-do announced on the 15th that it will provide 5.3 billion KRW in closure support funds to 16 farms with a total of 21,040 pigs that had to close down due to being unable to continue pig farming after the Free Trade Agreement (FTA) was signed.

This measure follows the Ministry of Agriculture, Food and Rural Affairs' confirmation last year of pigs as a target item for the livestock sector FTA damage compensation direct payment system and closure support project.

The recipients of this closure support fund were determined by analyzing payment criteria such as the 2019 annual price and import volume for a total of 107 items.

The support amount is 251,775 KRW per head and is fully funded by the FTA fund.

The payment cap is 1.4 billion KRW for individual farmers and 2 billion KRW for agricultural corporations.

To receive the closure support fund, biosecurity measures such as manure treatment within the livestock barns and cleaning of compost and water manure must be implemented, and if farming is resumed within five years after receiving the support, the funds must be returned.

Park Jonggwang, head of the Livestock Division of the province, said, "The purpose of the FTA direct damage compensation project is to support farms that have reached the limit of livestock management difficulties due to free trade agreements and disease outbreaks. We will actively support livestock facility modernization projects and ICT support projects to help systematic management and business stability of livestock farms."

Gyeongnam Province also provided 7.4 billion KRW in damage compensation direct payments last December to 391 pig farming households (1,461 pigs) who suffered from price declines.

This content was produced with the assistance of AI translation services.