President Lee Jae Myung has called for increased agricultural subsidies to bolster food security and support farmers' livelihoods. He noted that South Korea's subsidies are lower than those in the EU and Japan, and that increased funding is feasible due to revenue from a special rural development tax.
The call for increased agricultural subsidies by President Lee Jae Myung highlights a focus on national food security and the economic stability of the farming sector, potentially impacting government spending priorities and trade policies.
President Lee Jae Myung has called for an increase in agricultural subsidies to safeguard food security and ensure the financial well-being of farmers. In a social media post, Lee emphasized agriculture's status as a crucial strategic industry. He highlighted that South Korea's agricultural subsidies lag behind those in the European Union and Japan, citing figures that show significantly lower per-household support in South Korea. President Lee indicated that increased funding is achievable, as revenues from the special rural development tax have surged due to a strong stock market. This tax is levied on the sale of listed shares. Lee asserted that to protect food security, rural areas, agriculture, and farmers, an increase in subsidies is necessary. While acknowledging the need for market opening as an open trading nation, he stressed the importance of providing support to affected sectors to prevent actual losses.
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