Seoul: President Lee Jae Myung has called for an increase in agricultural subsidies to protect food security and ensure the livelihoods of farmers. He emphasized the critical importance of agriculture as a "very important strategic industry" in a post on X, responding to Agriculture Minister Song Mi-ryung's remarks about South Korea's comparatively low agricultural subsidies.
According to Yonhap News Agency, Song highlighted that South Korea's subsidies amounted to 5.19 million won (US$3,490) per farming household last year. In contrast, the European Union's subsidies reached 25.8 million won in 2023, and Japan's were 9.67 million won in 2024. This discrepancy underlines the need for South Korea to bolster its support for the agricultural sector.
Lee pointed out that financial resources for increasing agricultural subsidies are now more accessible, thanks to a surge in revenues from the special rural development tax. This tax, which is deducted whenever shares listed on the stock market are sold, has seen a rise due to the booming stock market in South Korea.
"If we are going to protect food security and save rural regions, agriculture and farmers, we have to increase agricultural subsidies," Lee stated. He acknowledged the necessity of opening markets as an open trading nation but stressed the importance of supporting areas experiencing damage to prevent actual losses.