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KOREAN GOVT SET TO LOWER RICE PURCHASE PRICE 2% THIS YEAR.
SEOUL, Feb 4 Asia Pulse - The Korean government today decided to lower the price of rice purchased from local farmers by 2 per cent this year for the first time since the purchase system was introduced in 1948.
Instead, the government plans to compensate farmers for the decline in income stemming from a lowered rice price by raising subsidies in rice field ownership, according to officials.
"On the basis of the recommendation from the in-house committee on rice distribution, we've finalized the policy after consultation with the Ministry of Planning and Budget and the Ministry of Finance and Economy," said an official at the Ministry of Agriculture and Forestry.
"We will present it to the National Assembly for approval."
It is unclear whether parliament will approve the decision as it is expected to incur the wrath of farmers, who have demanded a 3 per cent increase in government-led rice purchases.
The ministry said it had no choice but to make such a decision in order to increase competitiveness in the farming sector in preparation for rice ...
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Source: HighBeam Research, KOREAN GOVT SET TO LOWER RICE PURCHASE PRICE 2% THIS YEAR.