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Gov't to pay 717 bln won in subsidies to rice farmers

2018/09/16 15:58

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SEJONG, Sept. 16 (Yonhap) -- The South Korean government will pay nearly 717 billion won (US$640 million) in subsidies to rice farmers this year, the agriculture ministry said Sunday.

Under the law designed to protect the local rice industry, the government gives rice farmers the difference between the target price of rice and the actual market price.

This year's subsidy is 1.8 percent down from last year.

The South Korea government has spent trillions of won to support the price for years, through giving out subsidies to rice farmers and purchasing oversupplied rice.