Key facts
- President Lee Jae Myung advocates for higher agricultural subsidies.
- The goal is to protect food security and ensure farmers' livelihoods.
- South Korea's agricultural subsidies are smaller than those in the EU and Japan.
- Increased subsidies are financially feasible due to rising revenues from a special rural development tax.
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.