News

South Korea: Achieving a self-sufficiency rate of 5% in domestic wheat production by 2025

Wheat
South Korea
Market & Price Trends
Innovation & Technology
Published Feb 29, 2024

Tridge summary

South Korea's Ministry of Agriculture, Food and Rural Affairs has unveiled the ‘2024 Domestic Wheat Industry Promotion Implementation Plan’ to achieve 5% wheat self-sufficiency by 2025. The plan involves increasing domestic wheat production complexes from 73 to 100, offering up to 300 million won to companies developing products with domestic wheat, and raising the milling cost support to 6,000 tons. The ministry also aims to expand the domestic wheat market and production base, increase government reserves of domestic wheat, and implement new quality control standards for public stockpile purchases.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

The number of domestic wheat production complexes, previously built at 73, will increase to 100 this year. Companies that develop products using domestic wheat will receive up to 300 million won, and companies that process domestic wheat will receive 200,000 won per ton. The amount eligible for milling cost support will increase to 6,000 tons this year. On the 28th, the Ministry of Agriculture, Food and Rural Affairs announced the ‘2024 Domestic Wheat Industry Promotion Implementation Plan’ containing these contents. In November 2020, the Ministry of Agriculture, Food and Rural Affairs established the ‘First Wheat Industry Development Basic Plan (2021-2025)’ with the goal of achieving 5% wheat self-sufficiency by 2025 and is promoting it by establishing an implementation plan every year. The implementation plan announced this time includes detailed action plans such as expanding the domestic wheat consumption market and production base and increasing government reserves of ...
Source: Nongmin
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