Song Mi-ryeong, the Minister of Agriculture, Food and Rural Affairs, is speaking at the ‘Agriculture Outlook 2025’ event held at the Lotte Hotel in Jung-gu, Seoul on the 16th. [Photo provided by the Ministry of Agriculture, Food and Rural Affairs]
According to Kim Yong-hun from the Herald Economy, the Ministry of Agriculture, Food and Rural Affairs announced on the 5th that it will expedite the execution of the social overhead capital (SOC) budget in the agricultural production base maintenance sector to revitalize the local economy and recover the construction industry.
The budget to be executed in the first half of the year is 1.4541 trillion won, which accounts for 75% of this year’s SOC budget (1.9428 trillion won). This is 8 percentage points higher compared to the execution rate of 67% in the first half of last year.
By sector, the budget allocations for the first half of the year include the development of rural water (176.7 billion won), drainage improvement (363.9 billion won), and the repair and maintenance of irrigation facilities (571.3 billion won).
Choi Myung-chul, the Director of Food Policy at the Ministry of Agriculture, Food and Rural Affairs, stated, “We will strive to ensure that the maintenance of agricultural production infrastructure is timely carried out for safe farming and disaster prevention.”