NACF to Expand
Financial Operation

Chairman Choi pledges to step global contacts and foster financial operation to safeguard farmers' wellbeing


Chairman Choi Won-byung of the National Agricultural Cooperatives Federation (NACF), in his address at a ceremony for the 47th anniversary of the organization's founding, stressed the need for the NACF to provide world-class services to its customers.
At the event held on July 1, the new chairman said in order to do so, the NACF should increase its channels of distribution, so that farmers can concentrate on production without worrying about the market, adding that the NACF should take a step forward to become a global level integrated financial group through the importation of a finance holding company system.
In addition, Choi announced that the local cooperatives'development will focus on the local economy, finance and cultural welfare.
The chairman said Nonghyup has an optimistic future and is committed to being the No.1 financial and agricultural marketing leader in Korea.
He said the NACF was created from the merger of the former agricultural cooperatives and the Agricultural Bank in 1961, when Korean rural communities were just beginning to modernize. Since then, Nonghyup has played a crucial role not only in improving the conditions of farmers economically, socially and culturally, but also in contributing to the balanced development of the Korean economy.
Over the past 47 years, Nonghyup has sown its reputation into the soil of rural Korea and over those many years, it has shared moments of joy and sorrow with the nation's farmers. The NACF has witnessed great developments in the country's history, leading the way in extension services, marketing and supplies and banking and insurance.
Through these three areas, the NACF has provided real benefits to farmers and ensured stable access to farm supplies. It also advised farmers on agricultural and livestock marketing, eliminated usurious loans and ensured that farmers have a stable supply of agricultural capital.
Nonghyup has been leading a management revolution since 2004, namely the "New rural communities, New Nonghyup"campaign. Through this campaign, the NACF is strengthening its support for farmers. Simultaneously, the "I Love Farm"campaign is reinforcing the connection between urban and rural areas and is helping present hope and vitality to distressed agricultural and rural communities.
The chairman said Korea's agricultural and rural communities are facing a crisis on account of the acceleration of market openings through FTAs and the DDA. Nonghyup is, therefore, facing greater pressure to change as well.
In 2007, on the occasion of the 46th anniversary of its establishment, Nonghyup announced its new corporate identity and vision as "Korea's number one agricultural marketing and financial group."With that motto, Nonghyup has begun to let the world know that it is a trustworthy cooperative organization that fulfills its social responsibilities.
As a representative of agricultural cooperatives and NCOs in Korea, the NACF is in constant contact with overseas cooperatives and international organizations. International relations provide a window to share information, knowledge and perspectives concerning the farm sector and cooperative society.
Although the NACF is involved worldwide, it enjoys particularly strong relationships with organizations in Japan, China, and other Asian countries, Western Europe, Russia, the U.S, Canada, and Latin America as a member of such world organizations as ICA, AFMA, APRACA, IFAP, IRU, and EAOC. It participated in meetings and cooperative actions of numerous international bodies at both the global and regional levels such as the OECD, WTO, APEC, UNFAO, IFAD, FFTC and APO. nw

Chairman Choi Won-byung of Nonghyup.