Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun speaks during a press briefing at Sejong Government Complex, Wednesday. Courtesy of Ministry of Agriculture, Food and Rural Affairs

Gov't to temper produce price inflation ahead of Chuseok

By Lee Kyung-min

The government will nurture young farmers with ideas for promising growth models, underpinned by increased financial support, training and educational opportunities to advance the traditional industry, the agriculture minister said, Wednesday.

The new policy objectives outlined by Minister of Agriculture, Food and Rural Affairs Chung Hwang-keun will power the country's efforts to export smart technology-mediated farming, the next-generation growth initiative fully integrating the country's strength in technology with growing demand from Korea's peers for cooperation in the areas such as healthy food and lifestyle as seen by the Korean wave, or Hallyu.

Apart from market diversification moves, the ministry will grant greater emergency assistance to farmers and agricultural businesses experiencing a spike in production costs brought on by surging key global commodity prices, mostly due to the Russian invasion of Ukraine.

The government will consider importing essential agricultural produce in the near term to counter short-term supply bottlenecks caused by surging demand ahead of the "Chuseok" holiday.

Chuseok is a major mid-autumn harvest festival and a three-day holiday in South Korea.

"The agriculture business will be elevated as the next growth engine of the economy," he said during a press briefing at Sejong Government Complex, hours before the ministry briefed President Yoon Suk-yeol on its policy directives in Yongsan, Seoul.

"The government will pave the way for young and aspiring farmers to realize growth ideas, as facilitated by continued, bottom-up deregulation policy drives in cooperation with municipal administrative authorities," Chung said.

The ministry plans to increase exports of key local produce to $15 billion (\19 trillion) by 2027, up from the current $8.6 billion.

A package of policy assistance measures will be available for young people, encompassing housing, financing, education and training as well as land, equipment and facility investments. More tailored measures will be unveiled in September.

Also to be fortified are efforts to increase food self-sufficiency, including policies to promote the use of floury rice.

Floury rice was developed by the ministry-affiliated Rural Development Administration. It is easier to store and more suited for food processing.

Increased use of the new crop is considered a better way to reduce wheat imports and contribute to bolstering the country's food self-sufficiency needs. The ministry plans to replace as much as 10 percent of imported wheat with floury rice.

Also, punishment for animal abuse and abandonment will be strengthened to a level implemented by advanced countries.