New Initiative for Contract Cultivation of Legumes Including Soybeans... Loan Support Provided for Contract Cultivation

[Sejong=Asia Economy Reporter Kim Hyunjung] The Ministry of Agriculture, Food and Rural Affairs announced on the 2nd that it will newly promote a contract cultivation project for domestic legumes such as soybeans, red beans, and mung beans starting this year to establish a stable production and supply system. The related budget is approximately 41.2 billion KRW.

First, when producer organizations or processing companies undertake contract cultivation projects, 80% of the planned amount will be provided as interest-free loans for five years. Producer organizations, processing companies, and others wishing to participate can apply to the NongHyup Economic Holding or Korea Agro-Fisheries & Food Trade Corporation (aT) depending on their business type.

An official from the Ministry of Agriculture, Food and Rural Affairs explained, "The contract cultivation project will help establish a sustainable production and raw material procurement system between legume farmers and processing companies," and urged, "We ask producer organizations and processing companies to actively participate in the project."

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