The Ministry of Trade, Industry and Energy announced on June 18 that it has prepared an additional supplementary budget totaling 495.6 billion won to support economic recovery and foster future industries.
This supplementary budget will be primarily allocated to three key areas: stimulating domestic demand and revitalizing local economies; fostering the AI and renewable energy industries; and strengthening export competitiveness.
The largest portion, 326.1 billion won, is allocated to stimulating domestic demand. The ministry will introduce a support program that refunds 10% of the purchase price to consumers who buy high-efficiency home appliances, with a maximum refund of up to 300,000 won per person for all citizens.
To revitalize local economies, the budget also includes 3.7 billion won for tailored support such as interest subsidies, technology advancement, and consulting for companies in industrial crisis areas, as well as 4.3 billion won to expand support for local exhibitions.
A total of 122.8 billion won will be invested in the AI and renewable energy sectors. This includes 12.8 billion won newly allocated for industrial AI solution demonstration and dissemination projects, and 2.2 billion won for the development of AI and robot-based autonomous pharmaceutical manufacturing systems.
The budget also covers 11.8 billion won to expand the supply of solar power for homes and buildings, 100 billion won to expand financial support for solar energy, and 1 billion won for next-generation solar cell demonstration R&D, all aimed at promoting the adoption and technological development of renewable energy. Korea Institute of Energy Technology will receive an additional 10 billion won to nurture talent for the energy industry.
The budget for strengthening export competitiveness has also been expanded. A new allocation of 15 billion won will support domestic companies in expanding production facilities and developing and demonstrating new products, in response to increased overseas demand for power equipment such as cables and transformers.
An additional 5.1 billion won has been allocated for the "Hallyu Expo" to boost exports of K-culture consumer goods such as beauty products, food, and daily necessities. This funding will be used to increase the number of participating companies at the expo to be held in New York in November, organize additional expos, invite more overseas buyers, and expand trade delegations.
The ministry stated, "As soon as the supplementary budget is finalized through the National Assembly's deliberation, we will promptly execute it to contribute to economic recovery and strengthening industrial competitiveness."
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