[Asia Economy (Hongseong) Reporter Jeong Il-woong] Chungnam Province will provide differential support for four agricultural products that had low market prices this year.
The province announced on the 18th that through the major agricultural product price stabilization system, it will pay a total of 1.4 billion KRW in differential support funds to 606 farms producing four items?spring potatoes, red leaf lettuce, cabbage, and cherry tomatoes?that had low market prices as of the end of last month.
These products saw increased production due to favorable weather conditions last spring, but consumption decreased due to the impact of COVID-19, resulting in low market prices during their main harvest period.
Accordingly, the province plans to support spring potatoes in Cheonan, Gongju, Seocheon, Cheongyang, Hongseong, Seosan, Gyeryong, Yesan, Taean, and Buyeo; red leaf lettuce in Gyeryong and Dangjin; cabbage in Seosan and Dangjin; and cherry tomatoes in Yesan County.
The major agricultural product price stabilization system is one of Governor Yang Seung-jo's campaign pledges and is broadly implemented by supporting 80% of the price difference when the market price of supported agricultural products falls by more than 20% compared to the reference price.
This year, through the price stabilization system, the province plans to support farmers producing up to five items per city or county with a maximum differential payment of 3 million KRW.
For more detailed information about the price stabilization system, inquiries can be made at the relevant town or township offices, city or county offices, or related departments of the provincial government.
Lee Jong-ho, head of the Provincial Food and Horticulture Division, said, “We will ensure that the major agricultural product price stabilization system, now in its third year, becomes a support system that meets the needs on the ground.”
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