“Measures to Support Feed Purchase Funds for Livestock Farmers Prepared”
National Assembly member Shin Sungbeom (representing Geoje, Hamyang, Sancheong, and Hapcheon) attended the Hanwoo Return Rally organized by the National Hanwoo Association in Yeouido and called on the government to “establish measures to support livestock farmers with feed purchase funds.”
On the 3rd, the National Hanwoo Association held a rally in Yeouido, Seoul, mobilizing around 12,000 Hanwoo farmers, 300 buses, and vehicles for returning cattle. From Sancheong, Hamyang, Geochang, and Hapcheon in Gyeongnam, about 300 people traveled to Seoul using 11 buses.
At the Hanwoo Return Rally, Representative Shin, who is also the Chair of the National Assembly Intelligence Committee, attended and met with Lee Namkwon, Geochang Branch Head, Kwon Kiho, Hamyang Branch Head, Lee Duman, Sancheong Branch Head, Kim Jongbae, Hapcheon Branch Head, and association members to understand the difficulties faced by Hanwoo farmers and to support the stabilization of the Hanwoo industry.
Assemblyman Shin Sungbeom attended the National Hanwoo Association Yeouido Hanwoo Return Branch meeting on the 3rd.
According to the Hanwoo Association, the Hanwoo industry is facing a crisis due to soaring inflation, high interest rates, and high exchange rates, resulting in a drop in wholesale Hanwoo prices compared to production costs. This has led to a situation where losses of over 2.3 million won per head of cattle are accumulating with each shipment.
Additionally, with feed costs accounting for 40% of the breeding cow management expenses, and the loan repayment period for feed purchase funds approaching, farmers’ concerns are growing. Farms that received feed purchase funds in 2022 must begin installment repayments next year, while those supported in 2023 must make lump-sum repayments next year.
Producers have voiced concerns that if farmers are burdened with loan repayments amid falling livestock prices, it could lead to a severe management crisis.
The Hanwoo Association stated, “If this situation continues, the foundation of Hanwoo farming could collapse. Therefore, the repayment period for feed purchase funds, which are currently due as a lump sum after two years, should be extended by another two years.”
In response, Representative Shin officially requested the Ministry of Agriculture, Food and Rural Affairs to review a refinancing system for feed purchase funds.
An official from the Ministry of Agriculture and Food said, “We are in discussions with the fiscal authorities to extend the repayment period for Hanwoo farmers’ feed purchase funds due in 2025 and to provide support for interest rate differences to help stabilize farm management.”
Representative Shin stated, “I have requested the authorities to prepare support measures to allow for repayment extensions or refinancing through the comprehensive fund system currently operated by the Livestock Cooperative, and also called for a reduction in the quota of imported beef.”
He added, “Hanwoo farmers themselves should also refrain from indiscriminate cattle purchases and make efforts to maintain an appropriate number of cattle.”
Meanwhile, prior to the rally, the Hanwoo Association announced additional demands, including: ▲enactment of a law to support a sustainable Hanwoo industry ▲emergency isolation of 20,000 Hanwoo cows ▲immediate reduction of feed prices ▲extension and installment repayment of policy fund repayments such as feed purchase funds ▲emergency management stabilization fund support ▲measures to guarantee minimum production costs ▲expansion of Hanwoo-related budgets ▲implementation of a system linking producer and consumer prices ▲establishment of trade barriers for imported livestock products, among others.
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