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| President Yoon Suk-yeol, left, listens to a young farmer in Sangju, North Gyeongsang Province, Wednesday. Yonhap |
By Lee Kyung-min
The government will nurture 30,000 young farmers by 2027, the agriculture ministry said Wednesday, as part of a long-term plan to increase the proportion of farmers aged under 40 up to 10 percent of the total farmers by 2040, up from 1.2 percent as of 2020.
A monthly subsidy of 1.1 million won ($777) will be provided for three years to 4,000 young farmers seeking permanent settlement in rural areas next year, coupled with 300 million won for government-guaranteed land purchases. An agricultural development investment fund totaling 100 billion won will be established to help them with housing, enhanced living conditions and financing. Artificial intelligence-mediated smart farming will be fostered, as underpinned by hefty investment in research efforts to integrate advanced technologies into industrial efficiency and overall productivity.
These are part of measures unveiled by the Ministry of Agriculture, Food and Rural Affairs on the five-year plan for 2023 to 2027, mapped out to elevate the traditionally labor-intensive industry to a new high-tech sustainable growth driver. The policy assistance was announced shortly after President Yoon Suk-yeol visited smart farms in Sangju, North Gyeongsang Province.
Commitment of president
"Young farmers are the source of growth for continued innovation in the agricultural industry," President Yoon Suk-yeol said during a meeting with a group of young farmers in Sangju, North Gyeongsang Province, Wednesday.
"The government will provide full support for the promising young people to gain expertise in smart farming, buttressed by investment in education and training programs in the years to come."
The ministry plans to increase the ceiling of the loans available to young farmers seeking to continue their family businesses to 500 million won, up from the current 300 million, and lower the borrowing rate to 1.5 percent, down 0.5 percentage points from the current 2 percent.
The period for repayment of debt will be extended to 25 years, 10 years longer than the current 15 years. This will lower the burden of repayment of principal and interest by 45 percent per year.
"It is estimated farmers aged 65 and older will account for 76.1 percent of all farmers by 2040, unless the government takes steps to increase the number of young farmers," a ministry official said. "The five-year plan will help young farmers with innovative efforts, contributing greatly to advancement and creative development of agriculture."
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