SEOUL– South Korea will push to significantly raise its self-sufficiency rate of grain, rice and other food items to counter the impacts of rising food import prices and to better ensure food security, the agriculture ministry said Wednesday.
The government vowed to boost the local supply rate of overall food consumption to 55.5 percent by 2027 from 44.4 percent in 2021. This year’s goal was set at 48 percent, according to the Ministry of Agriculture, Food and Rural Affairs.
It was a part of the ministry’s new year policy goals announced during a briefing session with President Yoon Suk Yeol on the day.
To that end, the government earmarked 348.9 billion won (US$273.6 million) of budget for this year, nearly doubled from last year’s 197.2 billion won.
More subsidies will be given to farmers who raise so-called strategic crops, such as wheat and bean, the ministry said.
The government also vowed extensive support to achieve the $10 billion exports milestone of farm and food items this year. It eyes to boost the exports to $15 billion in 2027.
In 2022, the country’s exports of farm and fisheries products rose 5.3 percent on-year to reach an all-time high of $11.98 billion, surpassing the US$10 billion mark for the second consecutive year.
The government will cooperate with famous Korean restaurants overseas to promote Korean food and will add global logistics hubs to extend the market and cut costs.
Source: Yonhap News Agency