South Korea: Strengthening the function of the self-help fund for the supply and demand management of horticultural agricultural products

The government has set out to establish a preemptive supply and demand management system to resolve the repeated slump in agricultural production and supply and demand instability caused by abnormal weather. The main goal is to move away from government-led measures and toward producer-centered public-private cooperation. The Ministry of Agriculture, Food and Rural Affairs recently drew up the outline of a ‘preemptive supply and demand management system for horticultural agricultural products’ and held a policy briefing session for producer groups and local government officials. First, the Ministry of Agriculture, Food and Rural Affairs plans to strengthen the autonomous supply and demand adjustment capabilities of producer groups, such as self-help funds. To this end, the ‘Act on the Creation and Operation of Agricultural and Fishery Self-help Funds’ will be revised within the year to change the legal status of self-help funds from a non-profit corporation under civil law to a ...