Nong-eochon Gong Jeonnam Supports Farmland Bank Project with 173 Billion KRW... 10% Increase from Previous Year

The Jeonnam Regional Headquarters of the Korea Rural Community Corporation (Head: Jo Young-ho) announced on the 27th that it supported 173 billion KRW this year through the Farmland Bank Project, an increase of 10% compared to last year.

Among them, the core project of the Farmland Bank, the ‘Public Lease Farmland Purchase Project,’ executed 83.3 billion KRW, which is 11.3 billion KRW more than the same period last year, significantly expanding farmland supply to farmers.

Main screen of the Farmland Bank Portal.
Photo by Rural Development Administration Jeonnam

The ‘Public Lease Farmland Purchase Project’ is a program where the corporation purchases farmland from farmers retiring due to old age or illness and supplies it to local farming households. This year, the Jeonnam Headquarters purchased 270 hectares and supplied farmland to farmers in need.

In particular, the area supported for young farmers through the ‘Customized Farmland Support Project,’ which provides support according to the growth stage of farms based on management scale and age, increased by more than 50% from 217 hectares in the same period last year to 330 hectares.

The Jeonnam Headquarters plans to continuously assist young farmers in initial start-up and expansion of farming scale by supporting farmland purchase and lease through the ‘Customized Farmland Support Project.’

Starting this year, the ‘Lease First - Sell Later Project’ was launched to help young farmers with insufficient initial capital secure farmland. Additionally, the ‘Reserved Farmland Lease-type Smart Farm Project (Naju, Gwangyang),’ which fully equips facilities on reserved farmland for long-term lease to young farmers wishing to engage in smart farm facility agriculture, will be gradually expanded.

Meanwhile, the Farmland Pension Project is also seeing a continuous increase in subscribers, with 270 new members joining this year to start preparing for retirement. The Farmland Pension Project is a system where elderly farmers receive a pension by using their farmland as collateral.

From next year, a new system will be introduced where retiring farmers who sell farmland through the Farmland Bank will receive farmland transfer retirement direct payments, and the farmland will be preferentially supplied to young farmers.

Once the system is implemented, high-quality farmland that has been used for farming for a long time can be inherited by young farmers, contributing to the establishment and expansion of young farmers’ businesses.

Head Jo Young-ho said, “The Farmland Bank supports the entire process from securing farmland and expanding farming scale for local young farmers to management recovery support for indebted farms and retirement security for elderly farmers. We will continue to expand support so that young farmers can build their future in rural areas and retired farmers can enjoy a healthy life in the countryside.”

For more details about the Farmland Bank, inquiries can be made via the Farmland Bank’s main phone line, the Farmland Bank portal, or by visiting the local Korea Rural Community Corporation branch.

Asia Economy Honam Reporting Headquarters, Reporter Kim Yuk-bong baekok@asiae.co.kr

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