There are essentially two parts to the project: the development of about 700 small and medium dairy farms, and the construction and operation of two dairy products processing plants. There will also be management and technical services related to these activities. The project would be carried out by the Korea Dairy Beef Company, a wholly-owned subsidiary of the Agriculture and Fishery Development Corporation. The latter was established in 1967 by the Government to foster agro-industry through equity investments and loans subscribed by the Government. The AFDC presently has twenty-two subsidiaries and has a majority interest in eighteen of them. Some of the subsidiaries are in the process of being consolidated to streamline the operations of the AFDC. The AFDC tries to sell its holdings in a subsidiary to private interests once the subsidiary is well established. The management of the AFDC is sound, and it provides managerial and limited technical services for its subsidiary companies.