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Jeju to make a KRW 197.9 bln investment in agro-dairy industry

2020.01.28 Views20

According to Newsis,

Jeju Island announced on Jan.16 that the province will make a KRW 197.9 billion investment in agriculture, dairy and food/beverage industry this year. Roughly KRW 1.5 billion will go to voucher service, designed to help female farmers in Jeju. About KRW 3.6 billion will be injected into eco-friendly fertilizer, developed to rehab degraded agricultural lands and community ecosystems. The authority will spend the rest KRW 93.9 billion overhauling agro-system to further develop the industry.

Plus, to help entrepreneurs who wish to run business in the 6th industry and to well preserve soil ecology, the Island will invest as much as KRW 25.1 billion, under a roadmap to keep farmers in Jeju financially stable and secured.

Aside from all these programs, the local government will grant subsidies to help Jeju mandarin orange farmers and dairy farmers stay competent in times of global free trade.

* The 6th industry refers to a cross-sectoral platform that combines a comprehensive range of process to create value coming from each industry. Primary (production), secondary (manufacturing and processing) and tertiary (relevant services) industrial stages can crisscross for local economy.

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Source: Newsis (Jan. 16, 2020)

*This article was translated from Korean.