February 7, 2011
On 7 February 2011 in a meeting with presidential secretaries, President Lee Myung-Bak once again reiterated the administration’s aims to address growing public concerns regarding inflation, emphasising rising energy and food costs.
The focus on these two issues, which are of current public concern, was accompanied by a vision to prepare Korea for longer-term food shortages that could result from climate change.
President Lee called for the establishment of a whole-of-government strategy on agricultural and fishery products, and the establishment of a national organization comprised of civilian and government experts to conduct research into Korea’s future food security.
Korea imports approximately 70 percent of its food and is already in the process of implementing reforms to stabilize food resource imports. This has included steps to establish a state-owned grain trading company to address price volatility in international markets; steps to purchase stakes in key grain supply facilities in the United States; and promotion of commercial investment in agricultural resources and facilities in developing countries.