President Lee Calls for Increased Agricultural Subsidies to Protect Food Security
L'essentiel
South Korean President Lee Jae Myung advocates for increased agricultural subsidies to safeguard food security and farmer livelihoods, citing sufficient financial resources from a booming stock market.
Résumé généré par IA
Pourquoi c'est important
South Korea faces challenges in maintaining food security amidst global market fluctuations.
SEOUL, July 18 (Yonhap) -- President Lee Jae Myung has called for increasing agricultural subsidies to protect food security and ensure the livelihoods of farmers. Lee made the remark in a post Friday on X, calling agriculture a "very important strategic industry." He was responding to a post by Agriculture Minister Song Mi-ryung that South Korea's agricultural subsidies are smaller than those in the European Union and Japan. Song said South Korea's subsidies amounted to 5.19 million won (US$3,490) per farming household last year, while the EU's amounted to 25.8 million won in 2023 and Japan's 9.67 million won in 2024. Lee said that financial resources are becoming sufficient for agricultural subsidy increases, as revenues from the special rural development tax have spiked due to the booming stock market. In South Korea, a special rural development tax is deducted every time shares listed on the stock market are sold. "If we are going to protect food security and save rural regions, agriculture and farmers, we have to increase agricultural subsidies," Lee said. "As an open trading nation, it is unavoidable to open markets, but it is also important to provide support to areas sustaining damage so that there are no actual losses."
À surveiller
Perspective IA — des possibilités, pas des certitudes
South Korea will see an increase in agricultural subsidies in the next fiscal year.
Probable · En quelques mois
Questions ouvertes
- How will the increased subsidies be structured?
- What are the expected long-term effects on South Korea's agricultural exports?
