Goheung-gun Agricultural Product Price Stabilization Fund Expanded to Include Seafood

Published 17 May.2024 16:23(KST)

Expectations for Improving Agricultural and Fishery Product Distribution and Stabilizing Prices

Goheung-gun, Jeollanam-do (Governor Gong Yeong-min) is expanding the price stabilization fund, which had been limited to agricultural products, to include seafood as well.

On the 14th, the county announced that the Goheung-gun Agricultural and Marine Products Price Stabilization Fund Establishment and Operation Ordinance was revised and approved by the Goheung-gun Council and will be implemented.

[Photo by Goheung-gun]

The fund will be used for price stabilization policies such as purchasing and storage to control the shipment volume of major overproduced agricultural and marine products, as well as for difference support. When supporting the difference between production costs and minimum prices, a review committee will be convened to determine the minimum production costs, minimum prices, and payment standards for support funds.

This measure aims to maintain stable prices of agricultural and marine products and protect producing farmers and fishermen, targeting improvements in distribution and price stabilization of agricultural and marine products.

The existing Agricultural Products Price Stabilization Fund was mainly used to promote the economic stability of farmers in response to sudden fluctuations in agricultural product prices. However, with this change, support will be expanded to seafood, allowing those engaged in the fisheries industry to receive the same benefits.

This is expected to greatly help alleviate the economic difficulties of fishing households caused by price volatility of seafood and promote the sustainable development of the fisheries industry.

A county official stated, “The expanded operation of the Agricultural and Marine Products Price Stabilization Fund will play an important role in guaranteeing stable income for farmers and fishermen and revitalizing the local economy,” adding, “We will continue to make efforts to stabilize the income of those engaged in agriculture and fisheries.”

Meanwhile, Goheung-gun is currently raising and operating 5.6 billion KRW for the Agricultural and Marine Products Price Stabilization Fund and plans to secure 10 billion KRW by 2027.