Entire 75 Million Won in Business Promotion Expenses Redirected
Shift Toward an Agriculture Investment-Oriented Financial Structure
Baek Seonghyeon, Mayor of Nonsan City, South Chungcheong Province, is fundamentally transforming the financial structure of Nonsan’s agricultural policies by reducing his own business promotion expenses and reallocating those funds to agricultural resources. The Rural Development Fund, which was previously around 3 billion won, has surpassed 10 billion won in just three and a half years, establishing itself as the 'investment foundation' for Nonsan agriculture.
In addition, the substantial expansion of the Rural Development Fund is driving the shift toward an agriculture-centered financial structure.
According to Nonsan City on January 9, the Rural Development Fund increased from 3.02 billion won in 2022 to over 10 billion won as of December 31 last year. This means it more than tripled in just three years and six months.
The city reduced Mayor Baek’s business promotion expenses by 75 million won and transferred the entire amount to the Rural Development Fund, cutting back on customary entertainment and protocol spending and directly injecting those resources into agriculture and farmers.
Utilizing this fund, the city is moving away from simple cultivation-based agriculture and transitioning to industrialized agriculture that combines advanced technology and capital. This includes establishing a smart farm complex for the strawberry industry and expanding facility and startup support for young farmers.
Furthermore, by providing low-interest loans, farm households have been able to reduce the burden of facility expansion and operating capital, which has led to increased productivity and income stability. A city official stated, “The Rural Development Fund serves as a safety net for farmers and a key investment tool to strengthen the competitiveness of Nonsan agriculture. We will continue to focus financial resources on increasing farm income and building a sustainable rural community.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.


