CHUNCHEON, Aug. 11 (Korea Bizwire) – A recent analysis has revealed that Gangwon Province’s agricultural and livestock industries are likely to suffer at least 50 billion won ($45.5 million) in losses from the implementation of Korea’s recent anti-graft law.
The law, scheduled to take effect on September 28, made it illegal for public officials, journalists, and private school faculty to accept meals exceeding 30,000 won ($27), gifts in excess of 50,000 won, and money for congratulations or condolences (marriage and funeral alike) of over 100,000 won.
Gangwon is most famous for its production of hanwoo (Korean beef), which is not only distributed to restaurants and butcher shops, but also gift packages for traditional holidays like Chuseok (Korean Thanksgiving) and Lunar New Year.
According to data released Wednesday by the provincial government, the potential decline in sales of such gift packages and restaurants serving hanwoo are likely to cause between 17.6 billion and 19.7 billion won in industry losses.
The province also expected a decline of up to 30 percent in domestic consumption of ginseng, another prominent agricultural product from Gangwon, reducing its farming income by approximately 15 billion won. Ginseng and its related products are also sold as packaged gifts in Korea, often costing more than 50,000 won.
Gangwon’s fishing industry too is likely to take a hit, with an estimated 13.2 billion won in losses for processed marine products like dried squid, pollack, and octopus, and up to 6.3 billion won in decreased sales at seafood restaurants on the province’s western coast.
In the face of these economic hardships, the provincial assembly gathered on Wednesday to discuss potential measures to minimize the fallout from the anti-graft law. And it plans to make contact with related industry organizations in Gangwon Province to devise more specific alternatives.
“Now that we have an estimated size of the losses, we need to take action instead of just holding meetings and discussions,” said Jin Gi-yeop, director of agriculture and fisheries at the provincial assembly. “We’ll also provide funds to establish necessary foundations that can ease the repercussions of the anti-graft law.”
By Lina Jang (email@example.com)