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The government wants to promote rice products to double the size of the country's sluggish rice industry. Demand for the country's staple food has been on a steady decline since 2002 as Korean tastes have diversified and prices of rice have escalated.
Rice demand has dropped almost 8 percent over the past five years from over 4 million tons consumed in 2002 to less than 3.8 million tons in 2007. This has increased the country's rice stocks, so the Ministry for Food, Agriculture, Forestry and Fisheries plans to help out by promoting not just rice but other foods that are made from rice.
Designating a particular day of the year for Korean rice cake or tteok is part of the plan. The idea is to get more people into chain restaurants that serve spicy Korean rice cake or tteokbokki. By selling some older public rice stocks at cheaper-than-market prices, the government will encourage food companies to make more rice-made products such as chips, drinks and even ramyeon.
The ministry estimates rice sales would bring the government W66 billion a year and that the plan would yield W65 billion in revenue for related companies. The plan would also allow the country to rely less on grain imports.
Many Koreans have been reluctant to consume imported food after tainted food from China made headlines.
The ministry expects that factor will help realize the government's goal of doubling the size of the rice products industry to W2 trillion (US$1=W1,502) by 2012.
Arirang News
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