Minister of Agriculture and Forestry, Huh Sang-man, says South Korea must gradually adjust the prices of local rice to parallel those of other countries.

Huh told reporters ahead of a Cabinet meeting Tuesday that if South Korea does not begin restructuring the domestic farming industry, the country will eventually face difficulties in the global market.

Huh also promised to provide compensation to farmers who will suffer from restructuring since rice is the most important source of income for local farmers.

He added that the government will lower by four percent the price the government will pay farmers when purchasing rice to be harvested this year.