Taipei, Feb. 3 (CNA) The government is setting aside NT$100 billion (US$3 billion) to compensate farmers for damage they have suffered as a result of competition from foreign agricultural products after Taiwan's admission to the World Trade Organiation, President Chen Shui-bian said Tuesday.
Speaking at a ceremony to celebrate the country's Farmers' Day, Chen said NT$76.5 billion (US$2.29 billion) of the fund is already accounted for and that the remaining NT$23.5 billion will be included in the government's budget for next year.
In order to cushion the impact from the opening of the local market to foreign agricultural products, the president also said his administration will set up an organization patterned after the Taiwan External Trade Development Council to promote exports of Taiwan's agricultural products and will provide NT$2.25 billion (US$67.61 million) over three years into exploring foreign markets for domestic agricultural products.
Describing the agricultural sector as the country's "most valuable asset, " the president claimed that agriculture has been ignored for a long time because of the previous government's policy of developing industry at the cost of agriculture.
According to Chen, however, his administration has reversed this policy and has breathed new life into the sector.
Chen touted the many measures taken by his administration for the care of farmers, notably a hike in pensions for farmers from NT$3,000 per month to NT$4,000 per month and an increase in subsidies for farmers who allow their land to lie fallow or who grow crops other than rice.