{"id":2206317,"date":"2024-08-29T17:58:54","date_gmt":"2024-08-29T08:58:54","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206317"},"modified":"2024-08-30T21:46:25","modified_gmt":"2024-08-30T12:46:25","slug":"south-koreas-2025-budget-creates-winners-and-losers-among-key-industries","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/08\/south-koreas-2025-budget-creates-winners-and-losers-among-key-industries\/","title":{"rendered":"South Korea\u2019s 2025 budget creates winners and losers among key industries"},"content":{"rendered":"

South Korea\u2019s <\/span>2025 budget proposal<\/span><\/a>, amounting to approximately $509.7 billion (677.4 trillion won), outlines a plan to increase government spending by 3.2% while aiming to reduce the fiscal deficit to 2.9% of gross domestic product.<\/span><\/p>\n

Some sectors benefit from increased allocations while others face significant cuts. These cuts impact domestic and foreign businesses, creating \u201cwinners\u201d and \u201closers\u201d depending on their alignment with government priorities.<\/span><\/p>\n

HIGH-TECH INDUSTRIES<\/b><\/p>\n

The 2025 budget proposal includes an 11.8% increase in research and development (R&D) spending of $22.2 billion (29.7 trillion won), focusing on high-tech sectors like artificial intelligence (AI), biotechnology and quantum computing.<\/span><\/p>\n

Although substantial, this increase comes after the government <\/span>slashed R&D spending<\/span><\/a> in Dec. 2023 by 15%, which marked the first R&D budget cut in 33 years. Further, the main opposition Democratic Party <\/span>criticized<\/span><\/a> this increase as falling short of the $24.8 billion (33.2 trillion won) initially planned for 2025 in the <\/span>2022-2026 National Fiscal Management Plan<\/span><\/a>.<\/span><\/p>\n

Nevertheless, the increased R&D budget is a significant win for South Korean companies. Tech giants like Samsung Electronics and SK Hynix stand to benefit as they continue to expand investments in semiconductor technology and AI.<\/span><\/p>\n

For instance, Samsung plans to enhance its AI computations and semiconductor process innovation capabilities through <\/span>collaborations<\/span><\/a> with companies like Nvidia. This increase in R&D spending also aligns with South Korea\u2019s plan to build the <\/span>world\u2019s largest high-tech chip cluster<\/span><\/a> in Gyeonggi province by 2042, estimated to cost around $230 billion.<\/span><\/p>\n

Foreign tech companies also stand to gain from this increased spending. The South Korean government\u2019s focus on high-tech exports as a key driver of economic growth presents substantial opportunities for foreign firms to enter the market or expand their presence through partnerships with local firms.<\/span><\/p>\n

Although Samsung Electronics has <\/span>scaled back its collaboration<\/span><\/a> with Dutch firm ASML after a change in the former\u2019s management, foreign companies specializing in AI, biotechnology and quantum computing could benefit from joint ventures with other South Korean conglomerates, such as LG\u2019s decision to boost <\/span>AI cooperation<\/span><\/a> with U.S. firm Qualcomm, or by supplying essential components and technology to those firms.<\/span><\/p>\n

\"\"

Samsung Display’s exhibition booth, Aug. 23, 2023 | Image: Samsung Display<\/a><\/em><\/p><\/div>\n

HEALTHCARE AND ESSENTIAL MEDICAL SERVICES<\/b><\/p>\n

Reflecting the country\u2019s <\/span>demographic trends<\/span><\/a>, the 2025 budget also prioritizes healthcare, with increased funding to expand essential medical services and address shortages in <\/span>medical personnel<\/span><\/a> and facilities.<\/span><\/p>\n

The government\u2019s strategy includes boosting exports of medical products and technology to international markets, such as Vietnam and the Middle East, where demand for advanced medical solutions is growing.<\/span><\/p>\n

For example, South Korea has signed <\/span>agreements with Vietnam<\/span><\/a> to facilitate the export of medical devices and participated in the <\/span>2024 Vietnam K-Med Expo<\/span><\/a> to showcase its medical technology. Similarly, it has strengthened <\/span>cooperation with the United Arab Emirates<\/span><\/a> to expedite the approval and export of advanced biopharmaceuticals and medical devices.<\/span><\/p>\n

This increased funding presents significant opportunities for South Korean companies. Domestic pharmaceutical and biotech firms like Celltrion and Samsung Biologics are well-positioned to benefit from increased government support and export initiatives.<\/span><\/p>\n

Celltrion, in particular, is leveraging <\/span>technology licensing<\/span><\/a> to develop antibody-drug conjugates for cancer therapies. The company aims to expand its global footprint through strategic partnerships and collaborations.<\/span><\/p>\n

Foreign healthcare companies also have opportunities to enter or expand in the South Korean market. They can partner with local firms or export advanced medical equipment and technologies to tap into the growing demand.<\/span><\/p>\n

For example, technology licensing agreements or joint ventures with companies like Celltrion offer pathways for foreign firms to co-develop new treatments and gain market access in South Korea and beyond.<\/span><\/p>\n

DEFENSE AND NATIONAL SECURITY<\/b><\/p>\n

The 2025 budget proposal for South Korea includes a significant increase in defense spending, raising the total defense budget to a record $46 billion (<\/span>61.6 trillion won<\/span><\/a>). South Korean defense firms are expected to benefit significantly, with companies such as <\/span>Hanwha Aerospace<\/span><\/a>, <\/span>Korea Aerospace Industries<\/span><\/a> and <\/span>LIG Nex1<\/span><\/a> poised to secure contracts related to the development and production of advanced military technologies.<\/span><\/p>\n

The budget for the aircraft sector will increase by 13.4% to $2.8 billion (3.7 trillion won), further supporting domestic capabilities in aircraft production and maintenance, including the mass production of homegrown <\/span>KF-21 fighters<\/span><\/a>.<\/span><\/p>\n

Foreign defense contractors also stand to gain from South Korea\u2019s defense spending surge. Companies like Lockheed Martin and Boeing will likely benefit from the country\u2019s procurement of F-35A stealth fighters, Apache attack helicopters, and other advanced military equipment.<\/span><\/p>\n

Additionally, the proposed budget allocates $468.3 million (624.9 billion won) for procuring reconnaissance and strike drones, offering clear opportunities for foreign companies specializing in advanced military drone technology.<\/span><\/p>\n

South Korea\u2019s increased defense budget presents significant opportunities for domestic and foreign defense companies. However, companies should remain mindful of the cyclical nature of defense spending and the <\/span>strategic priorities that may shift<\/span><\/a> over time.<\/span><\/p>\n

\"\"

LIG Nex1\u2019s 2.75-inch guided rocket Bigung | Image: LIG Nex1<\/a><\/em><\/p><\/div>\n

PUBLIC HOUSING AND URBAN DEVELOPMENT<\/b><\/p>\n

The 2025 budget reduces public housing funding by 3.2 trillion won, lowering the allocation to 14.9 trillion won from 18.1 trillion won this year. These budget cuts could have significant implications for domestic companies involved in construction and real estate development companies.<\/span><\/p>\n

South Korea\u2019s construction sector, <\/span>struggling<\/span><\/a> with reduced demand due to the global pandemic and high interest rates, may continue to face reduced opportunities. This may lead to slower urban development and fewer new housing starts.<\/span><\/p>\n

Foreign companies, particularly in the retail and consumer goods sectors, might also feel the indirect effects of these cuts. As <\/span>housing costs continue to rise<\/span><\/a>, low- and middle-income households may have less disposable income for non-essential goods and services.\u00a0<\/span><\/p>\n

The impact on foreign retailers and consumer goods companies operating in South Korea may already be happening. For example, cosmetics retailer <\/span>Sephora<\/span><\/a>, operated by French luxury conglomerate LVMH, announced in March that it would undergo a phased withdrawal from the South Korean market.<\/span><\/p>\n

Analysts have suggested that the company struggled to adapt to the South Korean market, where price-sensitive consumers are increasingly turning to domestic retailers like Olive Young, which offer more competitive pricing and localized product selections.<\/span><\/p>\n

Foreign businesses may need to adjust their strategies, focusing on value-oriented products, promotions and localized offerings that better align with South Korean consumers\u2019 financial constraints.<\/span><\/p>\n

INFRASTRUCTURE AND REGIONAL DEVELOPMENT<\/b><\/p>\n

The 2025 budget proposal reduces funding for infrastructure development and social overhead capital (SOC) by 3.6%, with about $19 billion (25.5 trillion won) allocated. It also cuts funding for regional development and local community support programs, further straining the economic vitality of non-metropolitan areas.<\/span><\/p>\n

This reduction could pose challenges for South Korean and foreign businesses, particularly those involved in construction, logistics and regional development.\u00a0<\/span><\/p>\n

South Korean construction firms that have traditionally relied on government contracts for large-scale infrastructure projects may face reduced opportunities as fewer public works projects are initiated. As a result, construction companies such as Hyundai Engineering and Construction may have to increasingly rely on overseas projects, such as in <\/span>Central Asia<\/span><\/a>.<\/span><\/p>\n

Similarly, cuts to regional development funds may slow economic growth in areas outside of South Korea\u2019s major metropolitan centers. For example, the lack of funding for initiatives like the \u201clocal love gift certificates\u201d (<\/span>\uc9c0\uc5ed\uc0ac\ub791\uc0c1\ud488\uad8c<\/span><\/a>), which have been effective in boosting local economies by encouraging spending at small businesses, could further strain small- and medium-sized regional businesses.<\/span><\/p>\n

Moreover, regions previously targeted for development, such as <\/span>Saemangeum<\/span><\/a>,<\/span> may experience stagnation, leading to reduced consumer spending power and demand for goods and services.<\/span><\/p>\n

Reduced funding could also have significant implications for the <\/span>Busan Eco Delta City project<\/span><\/a>, a development initiative aimed at transforming Busan into a smart city. With reduced infrastructure funding, the pace of development may slow, potentially discouraging investment from companies interested in contributing to or benefiting from the project.<\/span><\/p>\n

WINNERS AND LOSERS<\/b><\/p>\n

South Korea\u2019s 2025 budget proposal presents opportunities and risks for domestic and foreign businesses across various sectors. High-tech industries, healthcare and defense sectors stand to benefit while public housing, infrastructure development and regional support programs face challenges.<\/span><\/p>\n

By closely monitoring fiscal policies and aligning strategies with government priorities, businesses can capitalize on opportunities while mitigating potential risks.<\/span><\/p>\n

Edited by Alannah Hill<\/span><\/i><\/p>\n

Business & Economy<\/span><\/a>Domestic Politics<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

South Korea\u2019s 2025 budget proposal, amounting to approximately $509.7 billion (677.4 trillion won), outlines a plan to increase government spending by 3.2% while aiming to reduce the fiscal deficit to 2.9% of gross domestic product. Some sectors benefit from increased allocations while others face significant cuts. These cuts impact domestic and foreign businesses, creating \u201cwinners\u201d […]<\/p>\n","protected":false},"author":10407,"featured_media":2206318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[24,27],"class_list":["post-2206317","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-business-economy","tag-domestic-politics"],"yoast_head":"\nSouth Korea\u2019s 2025 budget creates winners and losers among key industries - 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\/08\/south-koreas-2025-budget-creates-winners-and-losers-among-key-industries\/\" \/>\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 creates winners and losers among key industries - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea\u2019s 2025 budget proposal, amounting to approximately $509.7 billion (677.4 trillion won), outlines a plan to increase government spending by 3.2% while aiming to reduce the fiscal deficit to 2.9% of gross domestic product. 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