SEOUL, Aug. 27 (Korea Bizwire) – The government on Tuesday proposed a budget of 677.4 trillion won (US$509.71 billion) for next year as it seeks to increase welfare spending for vulnerable people and prop up economic growth while ensuring fiscal health. The proposed budget for 2025, endorsed by the Cabinet on the day, marks a [...]
SEOUL, Apr. 3 (Korea Bizwire) — The government plans to draw up its largest-ever budget for research and development (R&D) projects next year, the presidential office said Wednesday. Park Sang-ook, senior presidential secretary for science and technology, said the government is working to overhaul the way it supports R&D projects while “sharply increasing” the relevant [...]
SEOUL, Nov. 3 (Korea Bizwire) — The ruling People Power Party (PPP) has officially requested the government increase budgets in research and development to improve the working conditions of young scientists, a lawmaker said Friday. The request comes amid criticism of the government’s double-digit percentage cut in the R&D budget, originally planned to improve inefficiencies [...]
SEOUL, Sept. 5 (Korea Bizwire) — The South Korean government decided to spend a record budget this year to prop up consumption of seafood amid public concerns over its safety following Japan’s release of contaminated water from its crippled Fukushima nuclear power plant into the ocean, the oceans ministry said Tuesday. The Cabinet endorsed a [...]
SEOUL, Aug. 31 (Korea Bizwire) — South Korea plans to spend about 12 trillion won (US$10.3 billion) next year on reducing greenhouse gas emissions and responding to the climate crisis to pursue carbon neutrality, the government said in its 2022 budget plan released Tuesday. The plan calls for allocating 8.3 trillion won to low-carbon projects [...]
SEOUL, Aug. 31 (Korea Bizwire) — The government has earmarked a record budget of 31.3 trillion won (US$26.8 billion) in next year’s state budget to create new public sector jobs and offer subsidies for private companies hiring underprivileged youths, according to officials Tuesday. The envisioned budget for job creation represents a 4 percent increase from [...]
SEOUL, Aug. 30 (Korea Bizwire) — South Korea will increase its spending on chips, bio-health and next-generation vehicles by 43 percent next year as the country seeks to nurture new industries, the country’s finance minister said Monday. Finance Minister Hong Nam-ki said the government will earmark 6.3 trillion won (US$5.4 billion) to support the three [...]
SEOUL, July 18 (Korea Bizwire) — The Ministry of Education will use a supplementary budget to alleviate classroom crowding in order to bring more students back into school buildings come September amid the COVID-19 pandemic, the ministry’s document has shown. According to the document shared with Yonhap News Agency by Rep. Lee Eun-ju of the [...]
SEJONG, Sept. 7 (Korea Bizwire) — South Korea will significantly hike its 2021 budget to promote the “Korean Wave,” as Korean pop culture enjoys a growing popularity worldwide, according to the finance ministry Monday. The Ministry of Economy and Finance has set aside 696.1 billion won (US$584.8 million) for next year’s budget to promote the [...]
SEJONG, Sept. 4 (Korea Bizwire) — South Korea’s finance ministry said Friday it has set aside 170.7 billion won (US$143 million) to help local companies develop homegrown vaccines and treatment drugs next year to fight the coronavirus pandemic. Of the budget, 31.9 billion won will be spent to discover candidate materials for a potential vaccine [...]