South Korea: Gyeongbuk Province increases rice supply and demand stabilization budget by 73%

Project cost increased by 6.6 billion from last year ‘Self-support’ for rice field crop cultivation, etc. Taking preemptive measures to produce optimal rice production In order to stabilize the supply and demand of rice this year, Gyeongbuk Province has taken a preemptive response by preparing the ‘2024 Rice Appropriate Production Plan’, which includes five projects, including direct payments for strategic crops, support for cultivation of rice paddy crops, and equipment for rice paddy crop productivity. In relation to this, Gyeongbuk Province plans to reduce the rice cultivation area by 2,562 ha (26,000 ha nationwide) this year by investing a total of 15.6 billion won, a 73% increase from the previous year's related project cost of 9 billion won, to alleviate the rice oversupply structure caused by the decrease in rice consumption. plan. According to Gyeongbuk Province, these rice-related measures include direct payments for strategic crops (KRW 13.1 billion) to stabilize the ...