South Korea: Wheat direct payment is 500,000 won per hectare

Published 2022년 6월 17일

Tridge summary

The South Korean government is set to launch the 'strategic crop direct payment system' to boost wheat flour production, a crucial component of national food security. This initiative is part of a larger reorganization of the public interest direct payment system and will provide subsidies to maintain a steady production base for key grains. The government also plans to increase the direct payment for wheat, following the example of Japan, which has seen success with larger budget investments for direct payments to farmers. The key to improving wheat self-sufficiency lies in increasing direct payments to farm households and reducing prices, as production costs have risen. A detailed plan for this system is expected to be announced at the end of the year.

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Original content

In order to expand the cultivation of wheat flour (rice for powder), the government recently introduced the ‘strategic crop direct payment system’ during the reorganization of the public interest direct payment system in the second half of the year and hinted at the idea of implementing it from next year. The strategic crop direct payment system is the first selective direct payment system that the government has formalized in relation to the reorganization of the public interest direct payment system. For grains important to national food security, subsidies will be provided to producers to maintain a certain production base. In the production area, apart from the possibility of success in industrializing rice flour, it is evaluated that it has made a step forward in the past policy to foster the rice processing industry in that it has devised effective means in institutional aspects such as direct payment and public stockpiling. As powdered rice is expected to be distributed ...

Source: Nongmin