Seoul to support livestock industry
Office of the President | November 24, 2010
Seoul to support livestock industry
The Korean government has decided to provide 2 trillion won in aid to the beleaguered livestock industry, which expects to be hit hard when the Korea-European Union Free Trade Agreement (FTA) takes effect.
The government also set up five-year support plans for the cosmetics and medical supplies industries.
At a meeting led by Minister of Strategy and Finance Yoon Jeung-Hyun on November 17, Korea’s FTA Committee announced its support plan, designed to help cushion local industries that are likely to be hurt by the new FTA.
Under the proposed plan, the government will raise the level of inheritance tax deductions allowed for livestock farming households, and expand of use of milk for school meals.
Aid for the local livestock industry, including hog, poultry and dairy farming, will center on modernizing facilities and strengthening quarantine measures for livestock safety. It will also provide tax benefits to local farmers to boost their productivity.
To enhance the competitiveness of the local cosmetics industry, the government will create a "skin information bank" with information to help local cosmetic firms conduct research and develop products customized for international customers. The government will also work to ensure the quality and safety of cosmetics for the EU market.
The government also set up measures to support infrastructure for research and development and to boost the credibility of the local medical supplies industry. These measures include technology development support and strengthening examinations and certifications to ensure the quality and competitiveness of local products.
The government has also pledged further support to any industries that suffer direct damage from European imports.
By Yoon Sojung
Korea.net Staff Wirter
