Prime Minister of Korea: “We need to increase the budget for basic income in rural areas… We also prepare a retirement pension for farmers.”
Quick Look
- Prime Minister Han Seong-sook announced at the 31st Farmers' Day ceremony that next year's agricultural budget will be 22.2 trillion won, an increase of more than 10% from this year, and that the basic income budget for rural areas will be expanded from 300 billion won to more than 1.1 trillion won.
- They also promised to invest in physical AI, such as AI agricultural machinery and agricultural robots, and to foster K-food exports.
AI-generated summary
Why It Matters
The 31st Farmers' Day commemoration ceremony was held at the National Agricultural Cooperative Federation in Seoul, and Prime Minister Han Seong-sook announced plans to expand the agricultural budget and support agricultural innovation in a commemorative speech.
Commemorating Farmers’ Day... “We also actively support agricultural innovation as a strategic industry.”
(Seoul = Yonhap News) Reporter Lee Sang-hyun = Prime Minister Han Seong-sook said on the 11th, "There is a lot of talk about the need to increase the basic income budget for rural areas from 300 billion won this year to more than 1.1 trillion won next year, and then increase it further. It needs to be increased even more."
Prime Minister Han said this in a commemorative speech at the 31st Farmers’ Day ceremony held at the National Agricultural Cooperative Federation in Seoul on this day.
He said, "Due to the aftermath of the war in the Middle East, the price of rice is rising, prices of agricultural materials are fluctuating, and the agricultural environment is becoming more difficult due to changes in weather. I am grateful to all the farmers who are silently taking responsibility for the people's food and food security."
He continued, "The government has increased next year's agricultural budget by more than 10% compared to this year, allocating 22.2 trillion won, the largest ever," and added, "I think it is very important to first create an environment in which farming can be done safely in order to protect agricultural security."
At the same time, he promised, "We must introduce a price stabilization system for agricultural products, and we are also faced with the task of reorganizing disaster recovery expenses. We are also preparing a retirement pension for farmers," and promised, "We will also actively support innovation in agriculture as a strategic industry."
He also said, “We must prepare for the future of agriculture by making new investments in artificial intelligence (AI) agricultural machinery and agricultural robots, as well as physical AI, so that we can create the future of agriculture together with young people,” and added, “K-food exports must also be continuously developed as a future growth engine.”
Prime Minister Han began his commemorative speech that day, mentioning shaking hands with award winners and saying, "It felt like touching my mother's hand."
What to Watch
AI outlook — possibilities, not facts
Next year's agricultural budget will be allocated and executed at 22.2 trillion won.
Very likely · Within months
The basic income budget for rural and fishing communities will expand to more than 1.1 trillion won next year.
Likely · Within months
New investments will be made in physical AI, such as AI agricultural machinery and agricultural robots.
Likely · Within months
Open Questions
- What is the plan to expand the basic income budget for rural areas and raise funds?
- When will the agricultural product price stabilization system be introduced and what will be the specific operation method?
- What is the schedule and scope of introduction of retirement pension for farmers?
