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Increases competitiveness of Korean beef industry… Jeonbuk Province invests 6.6 billion won in improving Korean beef

Published Jan 21, 2025

Tridge summary

The Jeonbuk Special Self-Governing Province is set to invest 6.6 billion won to boost the Korean beef industry's competitiveness and sustainability. This initiative includes a 1.3 billion won investment to lower interest rates on feed purchase loans for beef farms, with reductions varying by farm size. Additionally, 440 million won will be used for genomic analysis to identify high-quality beef, and a culling incentive of 500,000 won per cow will be provided to farms that slaughter low-quality beef early. These efforts aim to tackle rising feed costs and declining wholesale prices, while enhancing the quality and supply-demand balance of Korean beef.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

(Jeonju=Yonhap News) Reporter Im Chae-du = The Jeonbuk Special Self-Governing Province announced on the 21st that it will invest 6.6 billion won in various projects to increase the competitiveness of the Korean beef industry and drive sustainable growth. First, if a Korean beef farm receives a 'feed purchase fund loan' from the government, the provincial government will spend 1.3 billion won to fully or partially reduce the interest (1.8%). Farms raising less than 50 Korean beef will receive a full 1.8% interest reduction, less than 100 will receive a 1.3% reduction, and more than 100 will receive a 0.4% reduction. The scale of the government's feed purchase fund loan will be decided in March, and last year, 1,491 farms in the province received a loan of 144.2 billion won. In addition, it will spend 440 million won to promote 'genomic analysis' to select high-quality Korean beef. Based on the results of the genome analysis, it plans to encourage farmers to slaughter ...
Source: Yna
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