NongHyup Provides 360 Billion KRW Support for Price and Farm Management Stability

Lee Seong-hee, President of the National Agricultural Cooperative Federation (center), is appearing in a live commerce discount sales event conducted online.

[Asia Economy Sejong=Reporter Kim Hyewon] NongHyup is launching a 360 billion KRW-scale project called 'Warm Companionship with the People' to stabilize consumer prices and support farmers' management.

On the 7th, Lee Seonghee, Chairman of the NongHyup Central Association, stated, "We will unite our entire capabilities to participate in overcoming the nationwide difficulties caused by recent price increases and to support the stable management of farmers."

As part of this Warm Companionship project, NongHyup plans to select 100 items with rapidly rising prices and sell them at about a 30% discount at 2,215 Hanaro Mart locations nationwide until the Chuseok peak season. Through this, NongHyup expects to generate a total support effect worth 43 billion KRW.

This year, NongHyup will also offer seasonal fruits and agricultural products with unstable supply at up to 70% discount at distribution affiliates' sales locations, and supply fuel at low prices at 667 NongHyup budget gas stations nationwide. NongHyup estimates that the agricultural product discounts will generate a support effect of 22 billion KRW, and the low-price fuel supply will generate 83 billion KRW in support effects.

Various farming and financial support measures will also be implemented. First, NongHyup will postpone feed price increases and supply feed to livestock farmers at 31 KRW per kilogram cheaper than market prices. This is expected to generate a total support effect of 108 billion KRW.

Additionally, agricultural materials worth 27 billion KRW, including 3,200 smart farming machines and water pumps, will be supplied to farms, and 16 billion KRW will be provided to support agricultural safety insurance to expand the social safety net for farmers. Low-interest loan products will be launched to support 15 billion KRW in interest, and the interest rates on household and corporate loans for farmers will be reduced by up to 0.2%. Furthermore, for small and medium-sized enterprises and small business owners affected by the COVID-19 pandemic, NongHyup Central Association and its affiliates will reduce real estate rental fees by up to 50%, and defer 60.9 billion KRW in interest and installment payments totaling 1.335 trillion KRW.