A nationwide promotion of "hanwoo" -- Korean beef -- begins on Wednesday, with discounts of up to 50 percent off regular prices.

The promotion will be carried out in 1,948 retail outlets across Korea, including major supermarkets, NongHyup Hanaro Mart and online hanwoo markets. The promotion is led by the Ministry of Agriculture, Food and Rural Affairs and organizations that manage beef production in Korea -- NongHyup Agribusiness Group, Hanwoo Association, and a semi-public promotional entity, the Hanwoo Board.

All branches of E-Mart, Homeplus, Lotte Mart and GS Retail are participating in the promotion.

Discounts will range from 20 to 50 percent on sirloin, brisket, bulgogi and stewing beef -- the most popular cuts in Korea.

Sirloin will be on sale for around 7,460 won ($5.40) per 100 grams and brisket for around 3,550 won, which is lower by 20.6 percent and 30 percent, respectively, compared to October last year, the agricultural ministry said on Monday.

The event is in celebration of Hanwoo Day, which has been held every year on Nov. 1 since its founding by the Hanwoo Association in 2008.

The discounts and their availability differ among retailers, but most will hold the promotion from Thursday to Sunday, while some will continue until Nov. 8.