In Response to Government's Request for "Price Stability Cooperation"...Food Companies Pledge to Minimize Price Increases

Minister of Agriculture, Food and Rural Affairs Holds Meeting with Representatives and Executives of 17 Major Food Companies
"We Will Help Reduce Cost Burdens by Expanding Tariff Quotas"

CJ CheilJedang, SPC Samlip, Namyang Dairy Products, Nongshim, and 13 other major food companies have agreed to refrain from raising prices as much as possible to stabilize prices.

The Ministry of Agriculture, Food and Rural Affairs announced that Minister Song Mi-ryeong held a meeting with representatives and executives of 17 major food companies at the Korea Food Industry Association on the same day to discuss various cooperation measures between the government and the industry for price stabilization.

Song Mi-ryeong, Minister of Agriculture, Food and Rural Affairs, is delivering opening remarks at a meeting attended by representatives and executives of domestic food companies on the 11th.

The meeting was organized to ▲ explain the 2025 food industry policy direction ▲ listen to industry difficulties and discuss solutions ▲ share domestic and international environmental changes such as the inauguration of the new U.S. administration ▲ and explore various cooperation measures between the government and the industry for price stabilization.

After the meeting, Minister Song told reporters, "The domestic market is very sluggish, and there is a need to stabilize people’s livelihoods. The foundation for domestic recovery and livelihood stabilization is price stabilization," adding, "Although food companies face various management difficulties, I asked them to cooperate for price stabilization."

She continued, "The food companies attending the meeting said they would refrain from raising prices as much as possible for core items that represent their companies and have high consumption to stabilize prices," and added, "For unavoidable items, they agreed to cooperate by minimizing the price increase and delaying the timing of the increase as much as possible."

The companies attending the meeting raised issues such as the application of tariff quotas on major food raw materials to stabilize processed food prices and export policy support to respond to changes in external conditions. Minister Song said, "To reduce companies’ cost burdens, we are expanding the application of tariff quotas on major imported raw materials, extending the exemption of import value-added tax, and supporting funds for raw material purchases," adding, "We will do our best to resolve food industry issues by continuously and closely communicating with the industry to identify and address additional difficulties."