News

OO Market, Korea’s first public wholesale market, changes the distribution landscape of Korean agricultural products

Innovation & Technology
Published Apr 17, 2024

Tridge summary

Since its establishment in 1985, Garak Market in Seoul has significantly transformed the distribution of agricultural products in Korea, becoming the largest wholesale agricultural product market in Asia at its opening. Funded partly by a World Bank loan, it introduced an auction system to enhance transaction transparency and reduce unfair trade practices, playing a vital role in stabilizing prices and improving distribution efficiency. Despite facing challenges such as an inefficient trading system, reliance on manual labor, and the need for modernization to combat corruption and adapt to online transactions, Garak Market is undergoing facility modernization. This includes introducing a flexible transaction system, promoting competition, and establishing a customer-centered management system to ensure it continues to serve as a crucial channel for agricultural product distribution, thereby improving the welfare of consumers and producers alike.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

It is no exaggeration to say that the distribution of agricultural products in Korea over the past 60 years can be divided into before and after the opening of Garak Market in Seoul. It can be said that the government's establishment of the country's first public wholesale market while introducing foreign loans demonstrated its special commitment to the distribution of agricultural products. The level of commercialization and transaction patterns of agricultural products shipped by farmers have also qualitatively changed. Let's look at the significance of the opening of Garak Market and its development plans. Promotion of Korea’s first public wholesale market Garak Market in Seoul is the first public wholesale market in Korea and plays a central role in the distribution of agricultural products. In 1976, the government promulgated the ‘Act on Distribution and Price Stabilization of Agricultural and Fishery Products (Farm Safety Act)’ and boldly pursued policies to improve the ...
Source: Nongmin
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