Food Prices Soar... Government Holds Meeting with Food Companies Requesting 'Shared Burden'

Ministry of Agriculture, Food and Rural Affairs Holds Meeting with Food Companies

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] Amid a series of processed food price increases since the beginning of the year, the government has requested major food companies to cooperate in stabilizing prices through shared sacrifices.

On the 17th afternoon, the Ministry of Agriculture, Food and Rural Affairs announced that it held a meeting with food companies at the Korea Chamber of Commerce and Industry, chaired by Kwon Jaehan, Director of the Food Industry Policy Office. The meeting was attended by five food companies including Nongshim, Daesang, SPC, CJ CheilJedang, Ottogi, as well as officials from the Fair Trade Commission. The Ministry introduced government support policies for food companies this year, such as the operation of tariff quotas on raw materials whose prices have recently surged and the expansion of tax credits for research and development expenses in the food sector.

In particular, while listening to the industry's difficulties, the ministry emphasized the industry's cooperation for food price stabilization. Director Kwon stated, "As the government is striving to ease the burden on the industry during the difficult times of COVID-19, we ask the industry to share the pain through management efficiency," adding, "In addition to short-term financial and tax support, the government will promote support for technology development and deregulation to reduce the industry's burden from a mid- to long-term perspective."

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