Agriculture Minister Kim Hyun-soo: "We Will Minimize Sharp Fluctuations in Agricultural Product Prices"

National Assembly Work Report on the 27th

[Image source=Yonhap News]

[Sejong=Asia Economy Reporter Kim Hyunjung] Kim Hyun-soo, Minister of Agriculture, Food and Rural Affairs, announced plans to minimize the sharp fluctuations in agricultural product prices.

On the morning of the 27th, during a briefing at the National Assembly's Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee held in Yeouido, Seoul, Minister Kim stated, "We will allow mandatory fund organizations to autonomously perform supply and demand adjustments, and the government will create a system that supports them by providing accurate observational information and matching funds." He explained, "We will induce competition among distribution channels outside of wholesale markets, such as online transactions, to streamline logistics and disperse the risks of price fluctuations."

He also emphasized the successful establishment of the ongoing Public Interest Direct Payment System. This system integrates and reorganizes the existing direct payment schemes, providing subsidies to farmers to promote public interest functions such as environmental conservation, maintenance of rural communities, and food safety through agricultural activities. He said, "We plan to complete qualification verification by October and finish direct payment disbursement within the year to ensure that the public interest direct payments reach farmers who are actually engaged in farming." He added, "This year, we will focus on the early establishment of the system, and for any operational issues, we will accumulate sufficient data to review improvement measures."

He stated that they will also improve the vitality of rural regional economies by encouraging the influx of the 2040 youth generation and the return of the baby boom generation to farming and rural living. The Ministry of Agriculture, Food and Rural Affairs plans to diversify the farmland bank purchase methods to expand the supply of farmland for young farmers from 1,697 hectares last year to 2,240 hectares this year, and strengthen customized farmland and facility support. He said, "The 2040 generation, who choose agriculture seeing its development potential, are the hope of our agriculture," adding, "We will expand farmland supply through the farmland bank and support in-depth startup consulting to secure future growth engines for the agri-food industry." He continued, "People choosing to return to farming and rural living, including retired baby boomers from cities, are valuable sources of vitality for rural areas," emphasizing, "We will promote their return by supporting education led by urban agricultural cooperatives, rural life experience programs, and expanding rural-type living SOC and essential services such as medical care and caregiving."

Additionally, he announced plans to strengthen food security by securing an appropriate domestic self-sufficiency base for wheat and soybeans, and to develop online-based distribution methods by expanding the use of big data and AI in agricultural production.

Meanwhile, Minister Kim reported on the impact of the novel coronavirus disease (COVID-19) on various agricultural sectors such as dining out and exports, and the response measures. Previously, the Ministry of Agriculture, Food and Rural Affairs provided emergency support of 70.94 billion KRW through two changes in fund operation plans, focusing on sectors directly affected. To secure the capacity for agricultural policy fund support for farms, financial support has been strengthened by contributing 100 billion KRW to the Agricultural Credit Guarantee Fund, and starting next month, discount coupons will be issued to promote the consumption of domestic agricultural products and revitalize dining out and rural tourism.

This content was produced with the assistance of AI translation services.