South Korean Prime Minister Calls for Increased Rural Basic Income

South Korean Prime Minister Han Seung-soo has called for an expansion of the rural basic income budget. He emphasized the need for measures to stabilize farmers' incomes and prepare retirement pensions, as well as to improve disaster recovery funding.

During the 31st Agricultural Day ceremony held at the National Agricultural Cooperative Federation in Jung-gu, Seoul, on November 11, Han stated, "We need to increase next year's rural basic income budget from this year's 300 billion won to over 1.1 trillion won, and we should expand it even further."

Han also announced that the government has allocated a record agricultural budget of 22.2 trillion won for next year, which is more than a 10% increase from this year. He explained that rising fertilizer and agricultural material prices due to the Middle East conflict, along with unstable weather conditions, have increased the financial burden on farmers.

The Prime Minister highlighted the need for institutional improvements to stabilize farmers' incomes and operations. He proposed the introduction of a price stabilization system for agricultural products and the restructuring of disaster recovery funding as key tasks. He also mentioned that a retirement pension system is being prepared to ensure income security for farmers who have dedicated their lives to agriculture.

Additionally, Han outlined plans for technological investments to develop agriculture as a future growth industry. He stated that investments will be made in physical AI fields, including AI-powered agricultural machinery and robots, to enhance agricultural productivity and create opportunities for young people to enter the sector.

Expanding exports of agricultural products was also identified as a major priority. Han emphasized the need to cultivate K-food as a future growth engine, focusing on exploring overseas markets and strengthening industrial competitiveness.