Gochang-gun Operates 'Minimum Price Guarantee Fund' for 7 Agricultural Products

Published 20 Sep.2023 09:47(KST)

Gochang-gun, Jeonbuk announced on the 20th that it will officially operate the Minimum Price Guarantee Fund for seven agricultural products, including sweet potatoes.

The county held the "Gochang-gun Major Agricultural Products Minimum Price Guarantee Fund Operation Deliberation Committee Meeting" on the 2nd floor situation room of the county office the day before to decide the supported items.

Gochang-gun Major Agricultural Products Minimum Price Guarantee Fund Operation Deliberation Committee. [Photo by Gochang-gun]

The major agricultural products eligible for support are a total of seven items: sweet potatoes, watermelons, pears, napa cabbage, chili peppers, onions, and radishes.

Earlier, the county enacted a related ordinance in June to establish a fund of 3 billion KRW from 2023 to 2027 to institutionally guarantee the minimum prices of major agricultural products.

The support targets for the major agricultural products minimum price guarantee fund are farmers who ship through integrated marketing organizations (or participating organizations) within the county. When the minimum price for each item is below the market price, part of the difference is supported by the fund.

Amid recent increases in price volatility due to climate change, regional concentration of items, and inelastic demand, as well as rising agricultural management costs leading to decreased farm income, the fund is expected to serve as the last bastion supporting the rural economy.

Chairman Noh Hyung-soo said, "Through the Gochang-gun Major Agricultural Products Minimum Price Guarantee Fund, we will promote smooth distribution and price stabilization of Gochang-gun’s major agricultural products to boost farmers’ motivation and stabilize farm household economies," and added, "I ask for the active cooperation and activities of the operation deliberation committee members."