Ministry of Culture, Sports and Tourism Finalizes Next Year's Budget at 7.3968 Trillion Won

[Asia Economy Reporter Donghyun Choi] The Ministry of Culture, Sports and Tourism announced on the 3rd that the 2022 budget has been finalized at 7.3968 trillion KRW. This is an increase of 533.1 billion KRW (7.8%) compared to this year's original budget of 6.8637 trillion KRW. The Ministry's budget will enter the 7 trillion KRW range for the first time next year.

The Ministry significantly increased financial support by sector and budgets for creative and management support to quickly overcome the COVID-19 damage in the culture, sports, and tourism fields. To enhance the public's daily recovery and leisure vitality, support for domestic tourism and grassroots sports was expanded, and cultural and artistic healing projects for daily recovery were increased. Additionally, projects to promote the new Hallyu wave and foster future markets in the culture, sports, and tourism industries were expanded to further solidify the foundation as a leading cultural powerhouse in the world.

By sector, in the culture and arts sector, the budget was set at 2.4975 trillion KRW, an increase of 277.1 billion KRW (12.5%) compared to this year, including ▲Integrated Culture Voucher and cultural arts enjoyment support (226.3 billion KRW) ▲Traditional culture promotion (54.1 billion KRW) ▲Establishment of performing arts promotion infrastructure (48.6 billion KRW) ▲Promotion of industrialization of arts (34.5 billion KRW) ▲Togethernuri project supporting arts activities for the disabled (22.6 billion KRW) ▲Creation of Asia Culture Centered City (133.6 billion KRW).

In the content sector, the budget was set at 1.1455 trillion KRW, an increase of 119.6 billion KRW (11.7%) compared to this year, including ▲Investment in Proud Content Korea Fund (138.8 billion KRW) ▲International cooperation and export base establishment for cultural content (48.9 billion KRW) ▲Fostering the video content industry (71.4 billion KRW) ▲Support for production of extended virtual world (metaverse) content (16.8 billion KRW) ▲Fostering the broadcasting and video content industry such as online video services (OTT) market (46.1 billion KRW) ▲Research and development (R&D) projects in the content (culture) field (57.1 billion KRW).

In the sports sector, the budget was set at 1.9303 trillion KRW, an increase of 170.9 billion KRW (9.7%) compared to this year, including ▲Financial support such as sports industry loans and funds (208.3 billion KRW) ▲Loans support for cycle racing and motorboat racing (65 billion KRW) ▲Support for revitalizing the sports industry (66.6 billion KRW) ▲Grassroots sports programs (132.9 billion KRW) ▲Sports class vouchers (51.9 billion KRW) ▲Fostering sports for the disabled (89.9 billion KRW) ▲Establishment of innovation infrastructure for the sports industry (13.7 billion KRW).

In the tourism sector, the budget was set at 1.4496 trillion KRW, a decrease of 50.2 billion KRW compared to this year, including ▲Loans support for the tourism industry (659 billion KRW) ▲Support for tourism business startups and venture fostering (76.4 billion KRW) ▲Discovery of talent and strengthening professional capabilities in the tourism industry (20 billion KRW) ▲Activation of smart tourism (49 billion KRW) ▲Support for fostering the MICE industry (39 billion KRW).

A Ministry of Culture, Sports and Tourism official stated, "Next year's budget focuses on preparing for the public's daily recovery and raising the growth potential of Korea's cultural industry, which is globally recognized even amid crises, while ensuring that external growth leads to balanced development domestically. More than 70% of next year's expenditure budget will be allocated in the first half of the year to efficiently execute the budget and support early recovery from COVID-19 and economic vitality," he said.