Increase Nuclear Power Support Budget by Over 30%... Ministry of Industry Confirms Next Year's Budget at 11.5188 Trillion Won

445.2 Billion KRW Increase Compared to the 2023 Original Budget

A budget of 760 billion KRW to support the nuclear power sector, including low-interest loans and export guarantees for small and medium-sized enterprises (SMEs) and mid-sized companies in the nuclear power industry, has been reflected in the Ministry of Trade, Industry and Energy's budget for next year.

The Ministry of Trade, Industry and Energy's 2024 budget and fund operation plan, approved by the National Assembly on the 21st, totals 11.5188 trillion KRW. This is an increase of 445.2 billion KRW (4.0%) compared to this year's main budget. During the National Assembly review process, 378.8 billion KRW was added and 81.4 billion KRW was cut compared to the government's proposal of 11.2214 trillion KRW.

An official from the Ministry said, "Next year's budget for the Ministry of Trade, Industry and Energy was organized with a focus on economic vitality recovery and stabilizing citizens' livelihoods," adding, "We included new projects worth 239 billion KRW for financial support, infrastructure development, and workforce training to enable domestic advanced strategic industries to secure a super-gap capability early."

Additionally, a low-interest loan program worth 90 billion KRW will be newly established for SMEs and mid-sized companies in advanced industries. Infrastructure development totaling 39.2 billion KRW will also be supported across three national advanced strategic industrial complexes. Through the establishment of a Battery Academy and designation of specialized graduate schools, the ministry plans to nurture on-site and master's/doctoral-level personnel needed for advanced industries.

The budget for energy supply stability and reducing energy costs for vulnerable groups and small business owners has also been expanded. A new core mineral stockpile base worth 241.7 billion KRW (18.7 billion KRW in 2024) will be constructed. The budget for stockpiling core minerals such as lithium and rare earths has been set at 233.1 billion KRW, an increase of 198.5 billion KRW (+526%) compared to this year. The budget for the nuclear power sector, including low-interest loans and export guarantees for SMEs and mid-sized companies, is also reflected at 761.5 billion KRW, an increase of 187.7 billion KRW (32.7%) compared to this year. The energy welfare budget, including energy vouchers, has been set at 835.4 billion KRW, an increase of 563.7 billion KRW compared to 2023.

Support to firmly establish export growth and create a world-class investment environment will also be strengthened. The export support budget has been expanded and set at 582.9 billion KRW. The budget for attracting investment and supporting domestic return has also been increased by 201.2 billion KRW compared to this year, totaling 361.7 billion KRW.