Industry ministry seeks W10.7t in 2023 budget for chip, nuclear sectors

Published : Aug 30, 2022 - 10:40 Updated : Aug 30, 2022 - 10:40

This file photo, provided by the Ministry of SMEs and Startups, shows Vice Minister Cho Ju-hyeon (L) visiting a semiconductor research institute of Seoul National University in Seoul on Friday. (Ministry of SMEs and Startups)

The industry ministry said Tuesday it has requested 10.74 trillion won ($7.95 billion) in its budget for next year to spur semiconductors, nuclear energy and other advanced industry sectors, and to strengthen supply chains.

The budget for 2023 marked a 3.7 percent drop from this year's 11.16 trillion won, as the ministry has been focusing on the development of key future strategic technologies while ensuring financial soundness, according to the Ministry of Trade, Industry and Energy.

The proposal is scheduled to be submitted to the National Assembly on Friday for approval.

Of the total, the ministry earmarked 5.26 trillion won to promote advanced, key industry sectors, including chips, bio, batteries and robots, by nurturing manpower and extending support for private firms.

Another 4.26 trillion won will be set aside for efforts to strengthen energy security. Major projects for the goal include the development of technologies for small modular reactors.

The ministry said it also sought 913.6 billion won to support exports amid growing uncertainties in the international trade environments.

South Korea has experienced a slowdown in the growth of exports in recent months, and the trade deficit has widened due to high energy prices. (Yonhap)