S. Korea unveils plans to buy 450K tons of rice

The South Korean government announced plans on Monday to purchase a total of 450,000 tons of rice to address an oversupply of the grain and stabilise market prices, according to Yonhap News Agency.

Under a Cabinet-approved plan, the Ministry of Agriculture, Food, and Rural Affairs will acquire 400,000 tons of newly harvested rice and an additional 50,000 tons from the previous year’s harvest.

The government will purchase unprocessed rice from August to November and packaged rice from October to December.

The purchase price will be determined at the end of the year, with farmers receiving an interim payment of 30,000 won ($22) per 40-kilogram bag.

South Korea has been grappling with rice overproduction as consumption declines due to changing dietary habits.

The purchased rice will serve various purposes, including military meals, humanitarian aid, and contributions to the ASEAN+3 Emergency Rice Reserve, a food security initiative.

Attribution: Yonhap News Agency

Subediting: M. S. Salama