NongHyup to Hold Customer Appreciation Event Ahead of 60th Anniversary... Invests 100 Billion Won in Drone Distribution and More

60th Anniversary on August 15... Reduction of Agricultural Loan Interest Rates, etc.

Main building exterior of the Agricultural Cooperative. (Photo by NongHyup Central Association)

[Sejong=Asia Economy Reporter Moon Chaeseok] The National Agricultural Cooperative Federation (NACF) announced on the 27th that it is preparing a win-win event with the public and farmers to celebrate its 60th anniversary on the 15th of next month.

As part of the event, NACF revealed plans to provide support worth 100 billion KRW to farmers. Specifically, it will promote ▲distribution of agricultural machinery such as drones to agricultural cooperatives ▲reduction of interest rates on agricultural loans ▲special discount sales events for domestic agricultural products ▲sharing of domestic agricultural products with vulnerable groups ▲expansion of financial support for agro-food companies ▲and the Good Landlord Movement.

First, to support farmers' agricultural activities and strengthen agricultural competitiveness, approximately 40 billion KRW worth of agricultural machinery such as agricultural drones, forklifts, and passenger vans for personnel transport will be distributed to agricultural cooperatives nationwide. To ease the financial burden of farmers' agricultural funds, NACF plans to share loan interest costs and provide low-interest loans averaging around 1% until the end of the year.

With the prolonged COVID-19 pandemic causing difficulties in securing sales channels for agricultural products, support will be provided to farms facing such challenges. To offer consumers safe food at reasonable prices, a "NACF 60th Anniversary Farm Support 1 Million Box Special Sale" will be held through nationwide Hanaro Marts, NACF Mall, and home shopping channels. Additionally, a sharing event distributing packages of domestic agricultural and livestock products to neighbors such as child-headed households and national merit recipients is also being prepared.

Furthermore, to build a 100-year NACF together with the public, financial support will be expanded by applying preferential interest rate discounts to small business owners in COVID-19 affected industries and agro-food companies. The "Good Landlord Movement," which reduces rent by up to 50% for tenants leasing real estate owned by affiliates, will also continue.

NACF, an autonomous cooperative organization centered on farmers, was launched as a comprehensive agricultural cooperative in 1961 and has grown while fulfilling its mission for the development of agriculture and rural areas and balanced national economic growth. Last year, to participate in overcoming the national crisis caused by COVID-19, it supplied 20 million public masks through nationwide Hanaro Marts. More than 106,000 employees voluntarily participated in helping with rural labor.

Lee Seong-hee, Chairman of NACF, stated, "We will not forget that the nourishment that allowed NACF to continue its 60 years of growth was the trust and love of farmers and the public, and we will do our utmost to leap forward as a '100-year NACF together'." He added, "We promise to do our best to walk the path of coexistence with both farmers and the public in the future," emphasizing, "We ask for your continued interest and support."

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