The Ministry of Culture, Sports and Tourism on Dec. 21 announced that its 2024 budget of KRW 6.95 billion was approved at a plenary session of the National Assembly. Shown is a Korean booth on Nov. 22 at Dubai International Content Market in Dubai, the United Arab Emirates. (Korea Creative Content Agency)
By Jung Joo-ri
The Ministry of Culture, Sports and Tourism’s budget for next year is KRW 6.95 trillion, up 3.17% from this year’s, with the content sector to get KRW 1.74 trillion in policy funds, the most in the domestic industry’s history.
The ministry on Dec. 21 announced that a parliamentary plenary session approved its 2024 budget.
Funding for the game industry was KRW 67.9 billion, up KRW 1.7 billion, and that to open 10 additional content business centers to support exports from the sector reached KRW 17.2 billion, a jump of KRW 7 billion.
New investment of KRW 9.2 billion will be invested in content production using artificial intelligence technology as well as KRW 1 billion in human resource development for broadcast video content on over-the-top platforms.
King Sejong Institute, which teaches the Korean language and culture abroad, received a budget of KRW 61 billion, an increase of KRW 4.8 billion.
In tourism, KRW 27.8 billion was allocated for a large-scale metropolitan tourism project to develop tourist attractions in the southern region to stimulate travel to the provinces, a jump of KRW 22.3 billion. Another KRW 19.3 billion went to build Suncheon Animation Cluster in Suncheon, Jeollanam-do Province, up KRW 19.1 billion.
In Daejeon, KRW 12.5 billion in new funding will go into the construction of the public complex Daejeon Virtual Production Studio, while KRW 2.5 billion will seek to raise provincial festivals with potential to the level of international events.
In culture and arts, KRW 4.7 billion was newly allocated for showcases of domestic art abroad and KRW 1.7 billion for the K-Art Special Exhibition to mark the 30th anniversary of the Korean Pavilion at the Venice Biennale of Italy.
Exhibitions and sales of domestic crafts in cities like Dubai, the United Arab Emirates, Paris and Milan, Italy, will receive funding support of KRW 2.1 billion, up KRW 800 million.
Because of major global sports competitions to be held next year like the Winter Youth Olympics in Gangwon-do Province and the Paris Summer Olympics, KRW 57 billion will go toward helping training of the national team, up KRW 5.5 billion.
Marketing related to the Paris Olympics including for sports and arts will get KRW 20.1 billion, up KRW 11.5 billion.
Funding for a youth culture and arts pass was set at KRW 17 billion and education in culturally disadvantaged areas KRW 8 billion.
Minister of Culture, Sports and Tourism Yu In Chon said, “Under the policy stance of President Yoon Suk Yeol, we will fairly and effectively disburse the confirmed budget for the self-sufficiency and overseas expansion of our culture and arts that will also stimulate balanced regional development.”
etoilejr@korea.kr
