Person
South Korean agriculture official, Minister of Agriculture, Food and Rural Affairs.
Seoul will exempt inherited land and plots entrusted by elderly farmers from forced sale, five months after launching its crackdown on non-farming owners. The relief still needs a special act, so for now it is a ministry promise to owners its own survey found in breach.
Reality
Lee Jae-myung has paused South Korea's CPTPP bid until there are safeguards for an estimated 850 billion won a year in farm and fishery losses. His government projects manufacturing gains of up to 6.7 trillion won a year, and that payoff still needs every member's consent and a working group.
Perspective Coverage
3 publishersReality
NH NongHyup Bank's new farmland-backed loans fell 18.1% to 523.2 billion won from March to August as South Korea surveyed farm ownership. Appraised collateral behind those loans fell 19.3%, so farmers can borrow less against their main asset while field inspections continue.
Reality
Seoul estimates joining CPTPP would lift GDP 0.38 point after a decade while cutting farm, forestry and fisheries output 852.3 billion won a year. Manufacturers collect the gain and farmers carry 83% of the loss, on two figures measured in different ways.
Reality
The amended Farmland Act obliges owners who do not personally farm to dispose of their land, and with prices already falling on fears of enforcement fines, the government and ruling party set a consultation for the 21st to discuss easing both.
Reality