Jeonbuk Province Supports Minimum Price Guarantee System for Agricultural Products

27 Billion KRW Support for 760 Cultivating Farms Including Onions

[Jeonju=Asia Economy Honam Reporting Headquarters Reporter Kim Han-ho] Jeonbuk Province announced on the 26th that it has finalized the 2021 item-specific standard prices for the Minimum Price Guarantee System for agricultural products and will provide 2.749 billion KRW in support to 760 farming households who shipped six items (onions, dried red peppers, ginger, open-field potatoes, autumn radishes, and green onions) whose market prices fell last year.

The province held the ‘Jeonbuk Major Agricultural Products Price Stabilization Operation Deliberation Committee’ in the first week of January after the production costs (announced by the Rural Development Administration) and distribution costs (announced by the Korea Agro-Fisheries & Food Trade Corporation) used to determine the standard prices were finalized at the end of December last year, confirming the item-specific standard prices, supported items, and support unit prices.

The detailed breakdown of support by item is as follows: onions - 432 households, 2.226 billion KRW; dried red peppers - 70 households, 7 million KRW; ginger - 128 households, 330 million KRW; open-field potatoes - 86 households, 100 million KRW; autumn radishes - 33 households, 84 million KRW; green onions - 11 households, 2 million KRW.

Jeonbuk Province explained that it focused administrative efforts on investigating the compliance rate of participating farmers by the end of December last year to stabilize the management of farmers cultivating each item who are experiencing financial difficulties due to the impact of COVID-19 and the decline in agricultural product prices.

The province plans to complete payments before the Lunar New Year holiday in close cooperation with cities and counties so that farmers can use the funds for their farming preparations.

Meanwhile, the Jeollabuk-do Minimum Price Guarantee System for agricultural products is a policy aimed at expanding the safety net for farmers cultivating open-field crops with high market price volatility and protecting small and medium-sized farmers with weak management foundations. During the main shipping period of the target items, if market prices fall below the standard price based on market price surveys, 90% of the difference is compensated through the committee’s decision.

Jeonju=Honam Reporting Headquarters Reporter Kim Han-ho stonepeak@asiae.co.kr

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