Korea Forest Service Supports Policy Funds for Modernization and Scaling of Facilities to Increase Income of Forestry Workers
The Korea Forest Service will provide policy funds to support the modernization and scaling-up of forest product production facilities.
On the 5th, the Korea Forest Service announced that it will provide loan support worth 121.4 billion KRW this year to establish a foundation for increasing income for forestry workers.
The loans will be allocated as 78.8 billion KRW for building a foundation for professional forestry workers, 18 billion KRW for startups and home purchases by return-to-farming migrants, and 10.1 billion KRW for short-term forest income support. The targets are forestry workers and producer organizations engaged in forest projects.
The comprehensive forest project fund is a forestry policy fund that can be loaned at an interest rate of 1-3% for 2 to 35 years (including grace and repayment periods), and applications can be made through local forest cooperatives.
In particular, this year the Korea Forest Service will reflect the results of the dedicated task force (TF) for regulatory innovation in the forest sector and the youth regulation discovery group by awarding additional points to youth under 40 years old, exempting education for graduates of forestry-related schools and holders of national certificates, expanding the age limit for return-to-farming support to 70 years old, and significantly easing regulations such as expanding the business targets of forest corporations.
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Shim Sang-taek, Director of the Forest Industry Policy Bureau at the Korea Forest Service, said, “We focused on resolving difficulties identified through communication in the forest field and pushed for revisions to the execution guidelines. Given the current worsening conditions for forest management both domestically and internationally, we hope this regulatory innovation will serve as a catalyst for the development of the forest industry.”
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