Choi Sangmok: "Supplementary Budget Increased by 2 Trillion Won to Total 12 Trillion Won"

Request for Bipartisan Cooperation from the National Assembly
Expanded Supplementary Budget Focuses on Disaster Response, Trade Competitiveness, and Support for Small Businesses

The government has revised its previously proposed supplementary budget (extra budget), increasing it by 2 trillion won to a total of 12 trillion won. On April 15, Choi Sangmok, Deputy Prime Minister and Minister of Economy and Finance, stated, "We have increased the amount compared to what was previously announced, taking into account opinions from the National Assembly and the media," and added, "Since timing is crucial for this supplementary budget, we ask for bipartisan cooperation from the National Assembly."

On April 15, Deputy Prime Minister Choi presided over the "Economic Ministers' Meeting and Ministers' Meeting for Strengthening Industrial Competitiveness" at the Government Complex Seoul, where he announced, "We will focus on disaster and emergency response, strengthening trade and artificial intelligence (AI) competitiveness, and supporting people's livelihoods." The government plans to allocate more than 4 trillion won to respond to changes in the trade environment and strengthen advanced industry competitiveness; more than 3 trillion won for disaster and emergency response; and more than 4 trillion won to support small business owners and vulnerable groups, respectively.

To respond to rapid changes in the trade environment and enhance the competitiveness of advanced industries, the government will invest 4 trillion won, including support for projects such as underground transmission line construction within the semiconductor cluster. Deputy Prime Minister Choi stated, "To resolve financial difficulties for companies affected by tariffs and export crises, we will newly supply 25 trillion won in policy funds through low-interest loans and export guarantees, and more than double the number of companies receiving export voucher support for tariff response." Fiscal support for infrastructure, finance, and research and development (R&D) related to advanced industries such as AI and semiconductors will also be expanded by more than 2 trillion won.

In particular, out of the 33 trillion won in fiscal support planned to secure a competitive edge in the semiconductor industry, 500 billion won will be allocated through this supplementary budget. The government has also decided to immediately invest 1.8 trillion won in the AI sector, where global competition is intensifying. The government will immediately supply more than 3,000 graphic processing units (GPUs), secure an additional 10,000 units within the year, and support the launch of the "World Best Large Language Model (LLM) Project."

Choi Sangmok, Deputy Prime Minister and Minister of Economy and Finance, is delivering opening remarks at the "Economic Ministers' Meeting and Ministers' Meeting for Strengthening Industrial Competitiveness" held at the Government Seoul Building in Jongno-gu, Seoul, on April 15.

The government will allocate 3 trillion won for disaster and emergency response, including recovery from wildfire damage. The disaster response fund will be more than doubled from the existing 500 billion won to support wildfire recovery, and 2 trillion won will be allocated for the introduction of advanced equipment and disaster contingency funds. This will enable the additional deployment of six medium- and large-sized forest helicopters, AI surveillance cameras, drones, and multipurpose wildfire response vehicles. Deputy Prime Minister Choi stated, "We will also support housing stability for disaster victims by providing 1,000 new rental homes and low-interest loans for housing restoration."

More than 4 trillion won will be invested to support low-income households and small business owners. This funding will be used for the "Burden Relief Credit," which provides small business owners with an annual credit of 500,000 won to pay public utility bills and insurance premiums, and for the "Win-Win Payback" program, which reimburses a portion of the year-on-year increase in card spending for businesses with annual sales of 3 billion won or less in the form of Onnuri gift certificates. Policy funding to support the livelihoods of low-income youth and those with the lowest credit ratings will also be expanded by 200 billion won.