Deputy Minister Gi Jae: "Agricultural Product Prices Will Stabilize Quickly After the Monsoon Season"

Kim Yong-beom, 1st Vice Minister of Strategy and Finance, 21st Policy Review Meeting

[Asia Economy Reporter Kim Hyunjung] Kim Yongbeom, the 1st Vice Minister of the Ministry of Economy and Finance, predicted that the prices of agricultural products, which have been rising due to recent heavy rains, could stabilize quickly.

On the 14th, Kim held the '21st Innovation Growth Strategy Review Meeting, Policy Review Meeting, and 7th Price-Related Vice Ministers' Meeting,' stating, "As a result of inspecting major cultivation areas through a field task force recently, fortunately, the crop conditions of agricultural products such as cabbage are not bad."

He explained, "If production and shipment normalize in earnest after the rainy season ends, rapid price stabilization can be expected. For facility vegetables like lettuce, whose prices have risen sharply due to difficulties in storage and stockpiling, production areas are spread nationwide, and the growing period is short. If sufficient sunlight is secured in the future, supply and demand stabilization could be possible within a short period."

However, he expressed concerns about additional damage that could occur due to the prolonged rainy season, heavy rains, typhoons, and heatwaves compared to previous years. He added, "The government will thoroughly monitor the supply and price trends of agricultural products while making every effort to stabilize supply through expanding supply volumes and production support. We also plan to actively promote consumer burden relief through agricultural product discount events and the issuance of agricultural product discount coupons."

He also revealed plans to focus on rapid fiscal execution, domestic demand recovery, and the implementation of tasks in the economic policy direction for the second half of this year. Kim said, "To achieve a definite economic rebound in the second half, it is crucial to accelerate the execution of remaining tasks and ensure their firm implementation on the ground. We will regularly check the allocation and execution management of budgets and the 3rd supplementary budget projects to expedite execution and minimize unused funds."

He added, "We will ensure that the execution of eight major consumption coupons, agricultural and marine product consumption promotion events, and additional issuance of local love gift certificates and Onnuri gift certificates create synergy effects with the temporary holiday on the 17th and the Chuseok holiday through active promotion and thorough quarantine and safety management."

Furthermore, he stated, "Following this week's announcement of overseas expansion plans for the service industry, we will also prepare without delay the three major innovation plans for the public contract system and the bio-industry promotion plan. We will strengthen communication with the National Assembly and inter-ministerial cooperation to ensure the prompt implementation of major legislative tasks, including the tax law amendment bill containing investment support."

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