AreaRepublic of Korea
Commodity GroupRice
CommodityAll
Date03/09/2014
Policy CategoryProduction
Policy InstrumentProduction support
DescriptionIn view of plans to liberalize the rice market through tariffication, starting on 1 January 2015, announced that interventions in favour of the domestic rice industry would focus around maintaining the production base, by preserving the existing land extension, infrastructural investments, as well the promotion of domestic consumption and exports. Income stabilization measures would also be strengthened, including by raising direct area payments under the Rice Income Compensation Act by 11 percent to Won 1 000 000 (USD 950) per hectare and greater payments for double cropping on paddies during winter, as of 2015. In order to enhance the industrys competitiveness, economies of scale, technology and cost cutting measures would also be promoted, while, on the distributional side, the Rice Processing Complexes would be strengthened and mixture of foreign and domestic rice prohibited.
NotesExchange rate as of 15 September 2014.
