South Korea: Revision of Rice Target Price

The Agriculture, Food, Rural Affairs, Oceans & Fisheries Committee of the National Assembly has recommended the government raise the target price for local rice (2019 crop). The National Assembly will make its final decision about this policy during its March 2019 provisional session. If target prices are raised, it will have the effect of increasing the subsidy for rice, stimulating farmers to cultivate more rice. The effect of this policy would conflict with the goal of the government’s rice reduction program.

South Korea: Revision of Rice Target Price