Agriculture Minister Kim Hyun-soo Visits Flower Auction Market... "Will Reduce Rent by 50%"

Plan to Purchase an Additional 1 Million Flowers Over 6 Months from Public Sector for Tenants in Yangjae Flower Market Including Retail Shops

[Asia Economy Reporter Kim Hyun-jung] On the morning of the 6th, Kim Hyun-soo, Minister of Agriculture, Food and Rural Affairs, visited the Yangjae Flower Wholesale Market and announced a plan to reduce store rent by 50% for six months.

Minister Kim Hyun-soo held an on-site meeting with representatives of intermediate wholesalers, retailers, and producers residing in the Yangjae Flower Wholesale Market, stating, "As the decrease in flower consumption has caused significant difficulties in the distribution industry, we have decided to reduce the store rent by 50% for six months to ease the operational burden on intermediate wholesalers and retailers within the Yangjae Market." He added, "I hope this will help during these difficult times."

Minister Kim explained, "The flower sector has been directly affected by the decrease in flower consumption due to COVID-19, which is a major concern. To overcome the current crisis, it is necessary to further activate flower consumption, and the role of the distribution sector is very important alongside government efforts to promote flower consumption."

Im Young-ho, President of the Korea Flower Association (also President of the Korea Agriculture and Livestock Federation), who attended the meeting, expressed gratitude for the decision to reduce rent and for the public sector's priority in expanding flower consumption, stating, "If the distribution sector is revitalized, flower consumption will also increase."

Additionally, the Ministry of Agriculture, Food and Rural Affairs announced plans for public institutions in the agricultural sector to purchase an additional one million flowers in March (including a 1 billion KRW flower purchase by the National Agricultural Cooperative Federation) to create additional demand for flowers.

The Ministry, its affiliated organizations, and related agencies such as the National Agricultural Cooperative Federation have committed to purchasing 2.7 million flowers from the public sector since February to promote flower decoration and the daily use of flowers in offices. Furthermore, they plan to actively support flower consumption promotion by revising the Agricultural Product Price Stabilization Fund Operation Plan (16 billion KRW).

In cooperation with producer organizations, they will promote flower product sales through online malls (social commerce) and home shopping channels, and in collaboration with the florist industry, they plan to support "one flower vase (flowerpot) per classroom" for special schools.