Government Injects Additional 50 Billion Won into Agricultural and Livestock Product Discount Support...Expanded Discounted Items

The government will inject an additional 50 billion won into discount support for agricultural and livestock products. The purpose is to respond to rising agricultural and livestock prices caused by factors such as the Middle East war, and increases in oil prices and exchange rates.

The Ministry of Agriculture, Food and Rural Affairs announced on April 23 that it will allocate an additional 50 billion won, secured through the supplementary budget, to the discount support project for agricultural and livestock products. With this, the total budget for the project amounts to 158 billion won, comprising the original budget of 108 billion won and the additional 50 billion won from the supplementary appropriation.

Discount Support Project for Agricultural and Livestock Products. The Asia Business Daily Database

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Based on the secured project funds, the Ministry plans to strengthen discounts and enhance the effectiveness of the business in order to ease consumer grocery costs and promote the consumption of domestic agricultural and livestock products. The goal is to provide more effective support.

First, the Ministry will expand the range of products eligible for discount support so that consumers can directly feel the benefits. In April, five items-including carrots, cabbage, and onions-are being offered at discounted prices. In May, greenhouse vegetables such as oriental melons, tomatoes, and paprika will be added to the discounted items. The Ministry also plans to continue discounts on chicken and eggs, whose prices remain high due to outbreaks of livestock diseases and reduced production.

To improve the quality of the project, the share of support for small and medium-sized distribution channels-which has been continuously increased-will be raised from the originally planned 55% to 58%. This will strengthen support for traditional markets, small and medium-sized supermarkets, and local food direct sales stores. The aim is to both revitalize local businesses and improve consumer accessibility, so that a greater number of people can benefit from the discounts.

In addition, for the "Nonghal Gift Certificates" issued and sold at a discount during holidays, the range of affiliated stores-previously limited to traditional markets-will be expanded to include small and medium-sized distributors specialized in selling agricultural and livestock products. This is intended to improve convenience for consumers. However, the discount rate will be adjusted from the existing 30% to 20% to prevent excessive demand caused by overly steep discounts.

Seo Junhan, Director General for Distribution and Consumption Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "In this unstable environment caused by the Middle East war, we will further strengthen discount support for agricultural and livestock products through this supplementary budget, in order to ease the price burden on consumers."

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