[Dynamic Economic Roadmap] Tackling Soaring Living Costs... Increasing Agricultural Imports and Supplying 2.7 Million Housing Units

Preparation of New Long-term Lease Service Plan
Pilot Complex Project to Start Next Year

The government has decided to expand the overseas supply of agricultural products to curb soaring living costs. It will increase housing supply by 2.7 million households and modernize real estate development methods. Additionally, a new type of private long-term rental service plan will be prepared within this month, with a pilot complex project set to begin next year.

On the 3rd, the Ministry of Economy and Finance announced the 'Dynamic Economy Roadmap' containing these measures. The ministry plans to strengthen the supply-demand stability foundation through overseas supply of agricultural products. Currently, risk analysis of agricultural product imports is being conducted for 77 items across 32 countries according to regulations, and from next year, research projects and public consultations will be launched to secure overseas supply, including adjusting tariff rates focusing on food ingredients and raw materials.

Kim Byung-hwan, Vice Minister of Strategy and Finance, is presenting the main points at the "Dynamic Economy Roadmap and Detailed Briefing on the 2024 Second Half Economic Policy" held at the Government Sejong Complex on the morning of July 1.

Efforts will also be made to revitalize the online wholesale market. By 2027, the plan is to activate the online wholesale market to the level of the current major wholesale market, Garak Market. Last year, wholesale markets accounted for 30% of agricultural product transactions.

The supply of general housing and specialized rental housing will also be significantly expanded. The roadmap to supply 2.7 million housing units will be implemented by 2027, and the operation of the Construction Dispute Mediation Committee will be expanded from the second half of this year. By July, a new type of private long-term rental service plan will be prepared, and the pilot complex project will commence in the first half of next year.

In September, a plan to supply urban rental housing through the complex redevelopment of aging public office buildings will be prepared, and 10 pilot projects will begin by next year. Up to 50,000 units, including public rental housing, will be supplied by 2035.