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Increase the amount of support for fostering successor farmers by 450 billion won

Published Jan 19, 2025

Tridge summary

The South Korean government is increasing its support for the 'Successor Farmer Management Development Fund' by 450 billion won, raising the annual budget to 1.5 trillion won. This decision follows criticism for changing the funding distribution method, which resulted in fewer young farmers receiving financial assistance. Additionally, the government will provide an extra 500 billion won to inorganic fertilizer producers and 27.1 billion won to slaughter processing companies to help them overcome management challenges. The funds will be distributed quickly to ease the financial strain on these sectors.
Disclaimer: The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The government is increasing the support scale of the ‘Successor Farmer Management Development Fund’ project, which has been controversial due to a sudden change in support method, by 450 billion won. The Ministry of Agriculture, Food and Rural Affairs announced on the 20th that it plans to secure an additional 577.1 billion won in support for agricultural management stabilization measures, including this, and execute them. The additional support targets include ▲Successor Farmer Management Development Fund ▲Inorganic Fertilizer Raw Material Purchase Fund ▲Livestock Product Slaughter Processing Business Operating Fund, etc. First, the size of the Successor Farmer Development Fund, which provides loans (secondary reserves) necessary for purchasing/leasing farmland and installing facilities to young farmers, will be increased by 450 billion won from the existing 600 billion won per year to 1.5 trillion won. Last November, the Ministry of Agriculture, Food and Rural Affairs ...
Source: Nongmin
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