{"id":2204426,"date":"2024-03-27T08:00:12","date_gmt":"2024-03-26T23:00:12","guid":{"rendered":"https:\/\/koreapro.org\/?p=2204426"},"modified":"2024-03-26T18:15:41","modified_gmt":"2024-03-26T09:15:41","slug":"south-koreas-2025-budget-proposal-prioritizes-innovation-future-technologies","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/03\/south-koreas-2025-budget-proposal-prioritizes-innovation-future-technologies\/","title":{"rendered":"South Korea\u2019s 2025 budget proposal prioritizes innovation, future technologies"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea\u2019s Ministry of Economy and Finance (MOEF) finalized its <\/span><a href=\"https:\/\/www.moef.go.kr\/nw\/nes\/detailNesDtaView.do?searchBbsId1=MOSFBBS_000000000028&amp;searchNttId1=MOSF_000000000068224&amp;menuNo=4010100\"><span style=\"font-weight: 400;\">2025 budget proposal guidelines<\/span><\/a><span style=\"font-weight: 400;\"> on March 26, aiming to enhance fiscal responsibility while supporting key areas such as economic innovation, welfare and security. The guidelines emphasize transforming the fiscal investment system to foster innovation in all research and development (R&amp;D) areas, with a significant expansion of investment in future strategic fields like artificial intelligence, advanced biotechnology and quantum technologies, as well as support for new researchers.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The budget proposal also prioritizes addressing low birth rates by reducing childcare and education burdens, supporting young people through scholarships and job opportunities and improving living conditions in regional hubs. The government plans to submit the finalized budget proposal to the National Assembly by Sept. 2, following consultations with ministries, local governments and public input.<\/span><\/p>\n<p><b>Why It Matters<\/b><\/p>\n<p><span style=\"font-weight: 400;\">President Yoon Suk-yeol\u2019s apparent shift in budgetary priorities, from <\/span><a href=\"https:\/\/koreapro.org\/2023\/08\/yoon-braces-for-political-battle-as-he-unveils-dramatically-scaled-back-budget\/\"><span style=\"font-weight: 400;\">initial cuts in R&amp;D allocations<\/span><\/a><span style=\"font-weight: 400;\"> to supporting innovation and future technologies, highlights the South Korean government\u2019s likely recognition of the rapidly evolving global landscape and the need to secure the country\u2019s position as a leader in the semiconductor industry. Fierce competition among major players like Samsung Electronics, Taiwan Semiconductor Manufacturing Company and Intel to introduce advanced process technologies has likely influenced the ROK government\u2019s decision to increase investment in R&amp;D and future strategic fields.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Yoon\u2019s reversal will likely bolster his critics who have described his administration\u2019s previous decision to cut R&amp;D funding in the 2024 budget as \u201c<\/span><a href=\"https:\/\/koreapro.org\/2023\/11\/opposition-party-deems-yoons-rd-cuts-reckless-budget-showdown-looms\/\"><span style=\"font-weight: 400;\">reckless<\/span><\/a><span style=\"font-weight: 400;\">,\u201d potentially undermining South Korea\u2019s competitiveness in the semiconductor industry and other high-tech sectors. MOEF\u2019s announcement of increased R&amp;D investment in the 2025 budget proposal guidelines may be perceived as a belated attempt to rectify the earlier miscalculation.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/domestic-politics\/\"><span class=\"tag\">Domestic Politics<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/technology-cyber\/\"><span class=\"tag\">Technology &amp; Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea\u2019s Ministry of Economy and Finance (MOEF) finalized its 2025 budget proposal guidelines on March 26, aiming to enhance fiscal responsibility while supporting key areas such as economic innovation, welfare and security. The guidelines emphasize transforming the fiscal investment system to foster innovation in all research and development (R&amp;D) areas, with a significant expansion [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2204427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,27,29],"class_list":["post-2204426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-domestic-politics","tag-technology-cyber"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea\u2019s 2025 budget proposal prioritizes innovation, future technologies - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/03\/south-koreas-2025-budget-proposal-prioritizes-innovation-future-technologies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea\u2019s 2025 budget proposal prioritizes innovation, future technologies - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s Ministry of Economy and Finance (MOEF) finalized its 2025 budget proposal guidelines on March 26, aiming to enhance fiscal responsibility while supporting key areas such as economic innovation, welfare and security. 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