5,734 Rice Farming Households Supported
Utilizing the Agricultural Income Preservation Fund
Haenam County in South Jeolla Province (Governor Myung Hyun-gwan) has made the first round of payments for the "Joint Income Support Project for Rice Farmers," aimed at stabilizing and supporting rice prices for the 2024 harvest. The total amount disbursed was 4,448,130,000 KRW, which was provided to 11 local agricultural cooperatives and 5,734 rice-farming households.
According to the county on April 30, the joint income support project for rice farmers was established using the Haenam County Agricultural Income Preservation Support Fund. This initiative was prompted by the continued decline in rice prices during last year's harvest season, and was designed to help stabilize the unstable rice market prices.
The county has promoted this project by signing a joint income support agreement with Representative Park Ji-won, the Haenam County Council, local agricultural cooperatives, and farmers' organizations, all working together to stabilize and support rice prices for the 2024 harvest.
Under the agreement, if an agricultural cooperative purchases all rice at a price of at least 61,000 KRW per 40kg bag, Haenam County provides a subsidy of 2,000 KRW per bag to the cooperative. For farmers who ship their rice to private markets instead of agricultural cooperatives, the county pays the support funds directly. This structure was specifically designed for this initiative.
The first round of support was prioritized for cooperatives and farmers who met the eligibility requirements, and the remaining payments for private market purchases will be made sequentially in the future.
Currently, the market price for rice is around 65,000 KRW per 40kg bag, which represents an increase of more than 14% compared to the 2024 harvest season price of 57,000 KRW. This indicates that the support program has achieved tangible results in supporting rice prices.
The county expects this joint support payment to have a positive ripple effect, not only by providing real income stability for farmers but also by revitalizing the local economy. In addition, the establishment of a cooperative system to address the structural issue of falling rice prices is being recognized as a model case for future policy initiatives.
A county official stated, "We will continue to seek collaborative solutions and maintain close communication with related organizations and institutions to address local agricultural issues," adding, "We will do our utmost to advance agriculture and realize Haenam as the capital of rural Korea."
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