Kim Chun-jin, aT President, Reports 'Saemangeum Food Stockpile Facility Plan' to Prime Minister Chung Sye-kyun

Proposal to Build Food Stockpile Facility 'Compinat' to Increase Self-Sufficiency Rate
Prime Minister Chung: "Food Security is Important... Expecting Coordination Among Relevant Ministries Centered on aT"

Kim Chun-jin, President of Korea Agro-Fisheries & Food Trade Corporation (aT). (Photo by aT)

[Sejong=Asia Economy Reporter Moon Chaeseok] The Korea Agro-Fisheries & Food Trade Corporation (aT) announced that President Kim Chun-jin reported to Prime Minister Chung Sye-kyun on the 15th about measures to improve food self-sufficiency rates, including the construction of the Saemangeum Food Security Combinate. The food combinate is a facility designed to stabilize food supply by storing, processing, and stockpiling domestically produced food resources and imported food in one location.

President Kim stated, "The plan to establish aT's food security combinate, which leverages the vast Saemangeum reclamation area and utilizes eco-friendly renewable clean energy such as wind and tidal power, is a project that should be reviewed at the government-wide level."

In response, Prime Minister Chung said, "Food security is a very important policy among the nation's key priorities," and added, "I hope related ministries will collaborate centered on aT, which is striving to secure stable food supplies."

aT plans to form a task force (TF) team within this month to strengthen food security and support the national food self-sufficiency rate enhancement. A separate advisory committee including external experts will also be established.

South Korea's food self-sufficiency rate was 45.8% as of last year and is on a declining trend. The overall grain self-sufficiency rate, including feed grains, is around 21%. Due to COVID-19, major grain-exporting countries have restricted exports, increasing demands for national-level public stockpiling policies.

China, through the China Grain Reserves Corporation, stockpiles more than three months' worth of food in major production areas and over six months' worth in major consumption areas. Japan stocks 1 million tons of rice, 2.3 months' worth of wheat, and for other feed grains, one month’s supply is voluntarily stockpiled by companies and another month by the government.

Singapore, which imports all of its rice consumption, requires all rice importers to report pre-committed import volumes and to stockpile twice the amount of white rice imported.

President Kim emphasized, "A strong public stockpiling policy is urgently needed to prepare for emergencies such as pandemics and climate crises that make grain imports difficult," and expressed hope that "in the long term, attracting major grain handling facilities and logistics warehouse silos to the food combinate could help it emerge as a Northeast Asia food hub."

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