Agricultural Land Bank Management Agency Launches on the 18th... Dedicated Organization for Agricultural Land Management Tasks

[Asia Economy Sejong=Reporter Kim Hyewon] The Ministry of Agriculture, Food and Rural Affairs and Korea Rural Community Corporation announced on the 17th that they will hold the launch ceremony of the 'Farmland Bank Management Office' at Korea Rural Community Corporation on the 18th and officially start operations.

The Farmland Bank Management Office is an organization newly established within the Corporation according to the amended 'Farmland Act' and 'Korea Rural Community Corporation Act' as part of the joint government ministries' 'Measures to Eradicate Real Estate Speculation and Prevent Recurrence' in March 2021. It is responsible for farmland management tasks such as continuously investigating and analyzing the acquisition, ownership, use, and conversion status of farmland.

To carry out official duties in accordance with the enforcement date stipulated by law, the Farmland Bank Management Office has established an organization dedicated to farmland management (1 division and 3 departments) and deployed 87 specialized personnel at the headquarters (30 people) and regional headquarters (57 people). A new budget of 4.8 billion KRW has been allocated for this year.

Through the newly launched Farmland Bank Management Office, the Corporation will not only continue its existing farmland bank projects but also establish a system for continuous farmland investigation and management and support local governments' farmland management tasks.

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