finance
South Korean President Calls for Higher Agricultural Subsidies Funded by Rural Development Tax
President Lee Jae Myung urged an increase in agricultural subsidies on July 18 to protect food security and farmers. He cited rising tax revenues from stock trading and compared South Korea's payments to those in the EU and Japan.
Jul 17, 11:06 PM·1m read2 sources
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SEOUL — President Lee Jae Myung called on July 18 for an increase in agricultural subsidies to protect food security and farmers' livelihoods. " He was responding to a post by Agriculture Minister Song Mi-ryung that compared South Korea's subsidies to those in the European Union and Japan. Song said South Korea's subsidies amounted to 5.19 million won, or US$3,490, per farming household in 2025.
The European Union paid 25.8 million won per household in 2023, while Japan paid 9.67 million won per household in 2024. Lee said revenues from the special rural development tax, which is deducted on sales of listed shares, have risen with the stock market's gains and now provide sufficient resources for higher subsidies.
"If we are going to protect food security and save rural regions, agriculture and farmers, we have to increase agricultural subsidies," Lee said.
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