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 [...]
SEOUL, Sept. 3 (Korea Bizwire) — The government plans to increase its job creation budget by over 20 percent to a record volume of nearly 26 trillion won (US$21.4 billion) next year, with unemployment benefits accounting for a record 40 percent of the total, the Ministry of Employment and Labor said Tuesday. The government will [...]
SEOUL, Sept. 3 (Korea Bizwire) — South Korea plans to allocate a whopping 248 billion won (US$203 million) for next year to nurture the country’s smart farming industry, Seoul’s agriculture ministry said Tuesday. The budget, which must be approved by parliament later this year, marks a more than 50-percent surge from 162 billion won earmarked [...]
SEOUL, June 8 (Korea Bizwire) – South Korea’s defense ministry said Thursday it has requested a record budget of 43.7 trillion won (US$38.7 billion) for next year, citing growing threats from North Korea and the need for reforming the South’s military under President Moon Jae-in’s campaign pledge. It represents an 8.4 percent increase from 2017. [...]
SEOUL, March 9 (Korea Bizwire) – The latest study on gender equality from the Ministry of Gender Equality & Family revealed that more women were in charge when it comes to financial management of their family, although men were bigger spenders. According to the study, 56.9 percent of 7,399 respondents (3,942 women, 3,457 men) said [...]
SEJONG, Jan. 26 (Korea Bizwire) – South Korea’s finance minister asked government ministries and agencies on Tuesday to make all-out efforts to frontload their budget spending in the first quarter to preemptively cope with rising economic uncertainties at home and abroad. “The government is pushing forward with the frontloading of fiscal spending in the first [...]
SEJONG, Dec. 30 (Korea Bizwire) – South Korea will sharply increase the budget allocated to beefing up security at its diplomatic missions in 2016, in the face of mounting threats to its diplomats and facilities, the government said Wednesday. According to the finance ministry, 26.5 billion won (US$22.6 million) will be set aside in the [...]
SEOUL/SEJONG, Apr. 21 (Korea Bizwire) — The government plans to spend nearly 60 percent of this year’s budget in the first half in a bid to put the fizz back into the slowing economy, the finance ministry said Tuesday. The plan comes amid escalating concern that Asia’s fourth-largest economy may grow at a far weaker [...]