KIPO's Budget for Next Year Confirmed at 705.8 Billion KRW... 0.6% Increase from This Year

The Korean Intellectual Property Office (KIPO) announced on the 16th that its budget for next year has been finalized at 705.8 billion KRW. This represents an increase of 4.1 billion KRW (0.6%) compared to this year.

Among next year’s KIPO budget, the major project funds allocated for the creation, protection, and utilization of intellectual property amount to 365.3 billion KRW, which is 0.6 billion KRW more than this year’s 364.7 billion KRW.

The key areas where KIPO will focus its investments next year include providing high-quality examination services based on artificial intelligence, strengthening the use of patent big data, revitalizing intellectual property finance, supporting startups and growth, and enhancing the capabilities to respond to intellectual property disputes faced by export companies.

The budget by major projects includes: ▲ 2.8 billion KRW for building training data for AI-based examination support systems (new) ▲ 4.4 billion KRW for in-depth analysis of national R&D patent trends (new) ▲ 38.7 billion KRW for intellectual property R&D strategy support (an increase of 1.9 billion KRW) ▲ 3.2 billion KRW for establishing an economic security system based on patent data (new) ▲ 13.6 billion KRW for intellectual property valuation support (an increase of 1.8 billion KRW) ▲ 11.3 billion KRW for supporting startups and growth utilizing intellectual property (an increase of 2.0 billion KRW) ▲ 2.6 billion KRW for strengthening export companies’ capabilities to respond to intellectual property risks (new) ▲ 0.7 billion KRW for AI-based counterfeit product crackdowns (new) ▲ 7.5 billion KRW for supporting K-brand dispute responses (an increase of 0.7 billion KRW), among others.

KIPO plans to complete the establishment of next year’s business plans by the end of the year and promptly prepare the necessary procedures for project implementation so that the related budget can be swiftly executed from the beginning of the year.