Rural Development Administration to Invest Over 500 Billion KRW This Year to Attract Young Farmers... Farmland Purchases by Year-End

'Farmland Bank' Project Sales... "Support for Returning Farmers' Settlement"

[Sejong=Asia Economy Reporter Moon Chaeseok] The Korea Rural Community Corporation announced on the 26th that it plans to prioritize purchasing farmland preferred by young farmers by the end of the year to support their settlement in rural areas.

The corporation operates a 'Farmland Bank' project, purchasing public rental farmland at appraised prices and then leasing it at affordable rates to young farmers and others. This is because securing farmland is considered the biggest obstacle for new farmers, including youth, to settle in rural areas. From the beginning of the year until this month, it has invested more than 560 billion won, the total expenditure of last year, in farmland purchases. It plans to prioritize farmland purchases and increase rental supply by the end of the year.

So far, the purchase targets have been expanded to include urban green zone farmland, and the scope of purchase has been extended from 'farmland owned by farmers' to 'farmland of those who have left farming after eight years of self-cultivation and their heirs.' Since September, the purchase targets have also been expanded to high-quality farmland on the outskirts of agricultural promotion areas.

Kim Insik, president of the corporation, said, "We will continue to do our best to help returnees to farming, especially young returnees, to land smoothly in rural areas and to promote the sustainable development of agriculture and rural communities."

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