[2021 National Audit] Lee Seong-hee, Nonghyup President, "Outlook for Rice Overproduction... Ensuring Price Stability"

October 15 National Assembly Agriculture, Food, and Rural Affairs Committee Audit

2.2 Trillion Won Invested in Rice Purchase Funds
Leading Efforts to Solve Rural Labor Shortage

Lee Seong-hee, President of the National Agricultural Cooperative Federation, speaks at the National Assembly's Agriculture, Forestry, Livestock, Food, and Maritime Affairs Committee's audit of the National Agricultural Cooperative Federation, NongHyup Economic Holdings, NongHyup Financial Holdings, and NongHyup Bank held on the morning of the 15th in Yeouido, Seoul. (Photo by Yonhap News)

[Sejong=Asia Economy Reporter Moon Chaeseok] Lee Seong-hee, Chairman of the National Agricultural Cooperative Federation (NACF), stated on the 15th, "We will make every effort to stabilize rice prices in preparation for this year's rice overproduction."

Chairman Lee appeared at the National Assembly's Agriculture, Forestry, Livestock, Food, and Maritime Affairs Committee's audit on the same day and said, "As the harvest season approaches, we are mobilizing all our capabilities to ensure farmers receive fair prices for their agricultural products."

He added, "This year's rice production is expected to increase by about 300,000 tons from the previous year to 3.8 million tons, leading to an oversupply. To address this, frontline cooperatives will be provided with 2.2 trillion won in funds for rice purchase, and we will make every effort to stabilize rice prices through preemptive market isolation of excess quantities and purchasing all rice shipments from farmers."

Chairman Lee also informed that NACF has set this year's education support budget at 493.3 billion won, an increase of 19.2 billion won compared to the previous year, and is expanding support projects for farmers. Efforts are underway to increase responsible sales volumes of agricultural and livestock products, revitalize local distribution, and stabilize agricultural product supply and demand.

To create a stable farming environment, NACF has improved the supply methods for farming materials such as agricultural machinery and facility materials. According to Chairman Lee, by shifting from negotiated contracts to competitive bidding and integrated purchasing through volume scaling, they have achieved a direct farming cost reduction effect of about 2.8 billion won and an indirect market price stabilization effect of approximately 80 billion won.

NACF is also leading efforts to solve the rural labor shortage problem. About 91,000 NACF employees participated in helping with farm work this year, and as of the end of last month, the rural labor brokerage project has surpassed a record high of 1.39 million people. Chairman Lee said, "We are currently working with the Salvation Army to utilize urban homeless people who have the will for self-reliance as rural laborers," adding, "NACF is presenting new models of urban-rural coexistence."

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