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When it comes to the economy the new administration is taking a hands-on approach. With global oil prices soaring off the charts, taking raw materials up with them, the central government says it will better monitor the prices of key goods that affect businesses most.
A task force with personnel from related ministries took shape Wednesday at the Gwacheon complex south of Seoul to sketch out a plan.
The Fair Trade Commission will keep a close eye on possible monopolies among domestic crude oil providers and pumping stations. If such cases are uncovered they will be further investigated.
Also the Ministry of Food, Agriculture, Forestry and Fisheries plans to set aside W1 trillion (US$1=W948) to purchase cattle feed in hopes of helping farmers struggling to keep livestock fed amid skyrocketing prices of feed crops.
In line with such financial support, the ministry says it will look into eliminating taxes on key grains used to feed cattle. It will also maintain the no-tax policy for some existing grain mixes up until 2011.
Also, possible hoarding of certain products like scrap metal and iron rods as well as flour will also be monitored closely by the Strategy and Finance Ministry due to their drastic price rises in recent months.
Arirang News
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