293.4 Billion Won for Agriculture and Food,
87.6 Billion Won for Oceans and Fisheries
Secured in Supplementary Budget
The government will expand support for stabilizing livelihoods in the agriculture and maritime sectors through the second supplementary budget for 2025.
The Ministry of Agriculture, Food and Rural Affairs announced on July 4 that, in addition to the originally submitted 186.2 billion won, an additional 107.2 billion won was allocated during the National Assembly's review process, resulting in a total supplementary budget of 293.4 billion won.
According to the Ministry, the newly allocated budget focuses on stockpiling domestic soybeans, providing financial support for successor farmers, and supporting agri-food export companies. In particular, 102.1 billion won will be invested to purchase an additional 20,000 tons of domestic soybeans within the year to ensure stable supply. The government aims to use this measure both to address price instability and to respond to increased demand for soybeans used in processing.
The interest subsidy budget for "successor farmer development funds," which support young farmers settling into agriculture, was also increased by 600 million won. With a total budget of 300 billion won, the program will provide funding to approximately 1,500 new successor farmers. Loans of up to 500 million won per person will be offered at an interest rate of 1.5%, with a five-year grace period and a 20-year repayment term.
The supplementary budget also includes funding to support agri-food exports and related industries. An additional 4 billion won for Agri-food Global Development Support Funds (loans) and 500 million won for Agri-industry Export Promotion, totaling 4.5 billion won, will be allocated. This will provide up to 50 million won per company in working capital, marketing, insurance, and guarantees, focusing on small and medium-sized exporters.
The Ministry of Agriculture, Food and Rural Affairs stated, "We will swiftly execute the supplementary budget to achieve tangible results in stabilizing soybean supply, supporting young farmers, and revitalizing agri-food exports."
The Ministry of Oceans and Fisheries also secured a total of 87.6 billion won in this supplementary budget. The Ministry allocated 8 billion won for stabilizing livelihoods, including responding to high water temperatures and ensuring stable supply of gim (dried seaweed), 77.6 billion won for strengthening port and fishing port infrastructure, and 2 billion won for promoting marine leisure tourism.
To prevent damage from high water temperatures, an additional 2 billion won was allocated for equipment such as oxygen supply devices and shading nets. Another 6 billion won was newly allocated for replacing outdated gim dryers to prepare for increased gim exports. Through these measures, the government aims to secure a stable production base for dried gim and enhance quality competitiveness.
Port and fishing port SOC (social overhead capital) projects include: ▲ maintenance of national fishing ports (27.1 billion won), ▲ restoration of the breakwater at Gageodo Port (8 billion won), ▲ timely completion of Heuksando Port and Gukdo Port (14 billion won), ▲ establishment of disaster-safe ports (20.6 billion won), and ▲ repairs of aging port facilities (7.9 billion won).
In addition, 2 billion won has been allocated for marine tourism development projects to revitalize regional tourism, with plans to establish marine leisure infrastructure that highlights local characteristics.
The Ministry of Oceans and Fisheries stated, "Through this supplementary budget, we expect not only to stabilize the livelihoods of fishermen and the public but also to inject new vitality into the regional economy. We will ensure prompt and effective execution."
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