Jeonbuk special self-governing province provides 13.9 billion won in minimum price guarantees

Jeonbuk Special Self-Governing Province provided 13.9 billion won to 3,100 farming households over 10 years through a minimum price guarantee system for agricultural products.

The province launched the program in 2016 as the first of its kind in South Korea to protect farmers and small-scale growers who cultivate crops with volatile market prices. If the market price of a major crop falls below a set standard during the harvest period, the government covers 90 percent of the price difference.

The program began with autumn cabbage and autumn radish and now covers eight items, including onions, garlic, field potatoes, and dried red peppers. The province says it plans to work with government systems to reduce gaps in support and strengthen the safety net for farm management.