Yoon Administration to Establish Grain-Specialized Storage Bases... Focus on 'Food Security'

President-elect Yoon Suk-yeol is meeting with Philippe Lefort, the French Ambassador to Korea, at the transition committee office in Tongui-dong, Jongno-gu, Seoul, on the 27th. Photo by Transition Committee Press Corps

[Asia Economy Sejong=Reporter Kim Hyewon] The new government is setting new targets for the self-sufficiency rates of wheat and soybeans, which have high import dependence, and will actively support agricultural policies from the perspective of food security. For some grains such as wheat, which have severely insufficient storage space, dedicated storage facilities will be established domestically.

According to related ministries and industries on the 28th, the 20th Presidential Transition Committee plans to include in its national agenda a food security enhancement plan that aims to raise the wheat self-sufficiency rate, currently only 0.8%, to 7% by 2027 and to newly install dedicated grain storage bases. This is a more specific food security policy established within the Yoon Suk-yeol administration’s term (2022?2027).

The new government’s food security policy direction focuses mainly on two aspects: improving domestic self-sufficiency rates of wheat and soybeans and securing overseas grain supply chains through the private sector, which is similar to previous administrations. So far, the government has laid the foundation for increasing self-sufficiency through measures such as enacting the Wheat Industry Promotion Act (February 2020) and establishing the Basic Plan for Wheat Industry Promotion (November 2020), but the reality is that farmers are reluctant to cultivate due to the severe price competitiveness gap with imported products. The Yoon Suk-yeol administration is known for its strong stance to prioritize policy execution from the perspective of food security to solve this problem.

To respond to overseas supply chains, the government plans to utilize private sector models such as POSCO International. POSCO International, which currently operates a grain terminal in Ukraine, is reportedly reviewing plans to secure volumes through equity investments in local companies in North and South America. The government intends to play a follow-up support role, including establishing grounds for compensating business losses caused by domestic grain import orders in emergencies. A Ministry of Agriculture, Food and Rural Affairs official stated, "We plan to establish a mid- to long-term plan to strengthen food security centered on wheat and soybeans, whose consumption is increasing but self-sufficiency rates are low, within this year."

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