Ministry of Trade, Industry and Energy secures 445.6 billion won in supplementary budget
145 billion won allocated for fostering new industries in AI and renewable energy
The Ministry of Trade, Industry and Energy's second supplementary budget, aimed at responding to the economic downturn and fostering new industries, has been finalized at a total of 445.6 billion won. The budget includes a large-scale high-efficiency home appliance rebate program, as well as a significant increase in funding for securing future growth engines such as AI, renewable energy, and power grid technology development.
According to the government on July 4, a supplementary budget bill totaling 31.8 trillion won passed the National Assembly plenary session on this day. Of this, the budget allocated to the Ministry of Trade, Industry and Energy amounts to 445.6 billion won.
This supplementary budget for the Ministry is largely composed of three main pillars: ▲stimulating domestic demand and revitalizing local economies (276.6 billion won), ▲fostering new industries such as AI and renewable energy (14.5 billion won), and ▲strengthening export competitiveness (23.9 billion won).
The most notable program is the high-efficiency home appliance rebate project, with a total budget of 267.1 billion won, which will be implemented immediately starting today. The government expects this measure to help restore consumer sentiment, which has been dampened by the economic slowdown, and to reduce electricity consumption.
In the new industry sector, newly included projects are industrial AI solution demonstration and dissemination (12.8 billion won), AI pharmaceutical manufacturing autonomous lab R&D (2.2 billion won), next-generation solar cell demonstration project (2 billion won), and support for Korea Energy Engineering University (10 billion won). In addition, existing renewable energy budgets, such as financial support for renewable energy (100 billion won) and supply support (11.8 billion won), have been significantly expanded.
Investment in upgrading power infrastructure also stands out. To ensure stable operation of the power system, 6 billion won has been newly allocated to R&D for 500kV voltage-source HVDC (High Voltage Direct Current) transformer converters. The government plans to accelerate the construction of an "energy highway" through this initiative.
In the export support sector, a total of 23.9 billion won has been additionally allocated for strengthening the competitiveness of the exhibition industry (4.3 billion won), supporting events such as KOTRA's Hallyu Expo and trade missions (5.3 billion won), and supporting overseas exhibitions to enhance export competitiveness (3.6 billion won).
The Ministry of Trade, Industry and Energy stated, "We will execute the budget swiftly to support economic recovery and the transition to future industries, and will make every effort to ensure thorough project management."
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