South Korea's Rural Cooperation Fund reaches only one-third of 1 trillion won goal

The Rural Cooperation Fund, established in 2017 to support the agricultural and fishing sectors affected by Free Trade Agreements (FTAs), has failed to meet its original funding targets. According to data from the Ministry of Agriculture, Food and Rural Affairs, the fund has accumulated 325.5 billion won from 2017 to July 2024, reaching only 32.6% of its 1 trillion won goal.

Private sector contributions accounted for 153.28 billion won (47.1% of the total), which is less than the 171.47 billion won provided by public institutions. Among the top 10 conglomerates, Samsung contributed the most at 16.625 billion won, followed by Nonghyup, Lotte, Hyundai Motor, and LG.

As the initial 10-year period nears its end, the government and National Assembly are discussing extending the fund's operation until 2037 and amending laws to allow direct government contributions. Representative Kim Sun-kyo has criticized the proposal to use taxpayer money to fill the 674.5 billion won gap, suggesting instead that the government should incentivize corporate participation through expanded tax credits, enhanced shared growth index points, and links to public procurement.