Culture Ministry granted $5.3B for 2024 budget

The Ministry of Culture, Sports and Tourism has been granted 6.95 trillion won ($5.3 billion) for next year's budget by the National Assembly on Thursday, up 3.17 percent from this year but less than the 6.98 trillion won requested by the ministry.

Yu In-chon, minister of culture, sports and tourism, speaks during a meeting at the National Assembly in western Seoul on Dec. 19. [YONHAP]

The Ministry of Culture, Sports and Tourism has been granted 6.95 trillion won ($5.3 billion) for next year's budget by the National Assembly on Thursday, up 3.17 percent from this year but less than the 6.98 trillion won requested by the ministry.

The biggest focus of next year's spending will be on culture exports, tourism and helping the socially underprivileged population enjoy cultural events in a more fair and easy manner.

Some 1.74 trillion won will go to the content industry, particularly the online video streaming market. The ministry will spend 340 billion won to establish a "K-content fund" to finance local production studios and help create high quality original content and pay 17.2 billion won to establish overseas business centers in 10 new regions to facilitate smooth content export.

The art sector will get 4.7 billion won to showcase its works abroad in special exhibitions, and 1.7 billion won alone will be allocated for a K-art exhibition to be set up during the Venice Biennale next year. The game industry will also get 13.3 billion won to get its well-made games onto the international stage.

The tourism industry will get a major push with 541.7 billion won dedicated to financing tourism businesses in order to boost related consumption and investment, according to the Culture Ministry.

Twenty billion won will go to marketing and promoting Korean arts and sports during the 2024 Paris Olympic Games.

The budget for coupons has been increased, especially for the young and old, people with disabilities and underprivileged households. Some 239.7 billion won will be spent to issue culture coupons for underprivileged households and 120.3 billion won will be used exclusively for sports coupons to go to 106,000 people.

A total of 285.5 billion won will be spent on supporting people with disabilities and 50.2 billion won for senior citizens, the Culture Ministry said.

"We will efficiently execute the finalized budget to help grow and export our culture and arts, thereby achieving a balanced regional development across the country, in line with the Yoon Suk Yeol administration's agenda," Culture, Sports and Tourism Minister Yu In-chon said in a press release.

"We will especially focus on swiftly completing the projects that the people will be able to experience first-hand and enliven our society."

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]