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Yoon vows to expand annual budget for farming subsidy to 5 tln won during his term

November 10, 2023

President Yoon Suk Yeol vowed Friday to expand the annual budget for farming subsidies to 5 trillion won (US$3.8 billion) during his term to stabilize the income of farmers.

Yoon made the pledge in a congratulatory speech during a ceremony to mark Farmers Day in Suwon, 30 kilometers south of Seoul. The goal was one of his presidential campaign pledges.

Under the law designed to protect the local agriculture industry and ensure the self-sufficiency of major crops, such as rice, the government provides farmers with allowances when they meet certain criteria.

The annual budget for the subsidies was earmarked for 3.1 trillion won for the next year, up from 2.8 trillion won this year. It would mark the first time in four years that the budget will surpass the 3 trillion-won mark.

“During each overseas visit, I will actively promote our agricultural products and agricultural technology abroad, striving to explore new markets,” Yoon said.

Yoon also said the government will restore the price of rice to 200,000 won per 80 kilograms, and expand the disaster relief fund by threefold to help farmers devastated by torrential downpours this summer.