January 2023

Government to Spend KRW 6.74 Trillion
to Promote K-culture in 2023

The Ministry of Culture, Sports and Tourism on Dec. 24 set its budget for next year at KRW 6.74 trillion, up KRW 33.2 billion from the previous proposal submitted by the government to the National Assembly for review.

The new amount includes KRW 2.2 trillion to support freedom, creativity and innovation in the private sector, KRW 1.42 trillion to provide opportunities for all to enjoy culture, arts, sports and tourism without discrimination, and KRW 892.5 billion for promoting Korean culture throughout the world.

The ministry decided to raise the budget to strengthen the foundation of the domestic content industry and bolster its competitiveness. To support the production of broadcast and video content such as those on over-the-top services, it allocated KRW 99.1 billion, up KRW 72.3 billion from the previous year.

Another KRW 190 billion was allocated for the ¡°Korean content fund,¡± up KRW 51.2 billion. The budget for development of a talented workforce in convergence of content with new technologies was raised to KRW 5.7 billion, a huge jump from just KRW 200 million this year. And a new budget of KRW 5.5 billion will also go toward development of concert content through convergence with new technologies.

The ministry will also actively implement its vision to spread the appeal of Korean culture worldwide and lead an era of cultural prosperity. It set a budget of KRW 10.2 billion, up KRW 4.5 billion, to add five export bases abroad such as business centers overseas of the Korea Creative Content Agency.

Another KRW 8 billion, double this year¡¯s KRW 4 billion, will go toward boosting overseas marketing for business-to-customer (B2C) transactions and investing in tapping content markets abroad through events like Korean content expos.

To promote Korea¡¯s reputation as a ¡°country people want to experience,¡± the ministry will develop the image of domestic tourism and sports. A new budget of KRW 10 billion will go into the ¡°Visit Korea Year¡± campaign and marketing funds to restore tourism demand from overseas visitors will be doubled to KRW 6.2 billion from KRW 3 billion this year. To boost medical and wellness tourism, the budget was set at KRW 13.2 billion, up from KRW 11.9 billion, and a new budget of KRW 5.2 billion will go to diversify tourism content like island tourism that incorporates stories into regional landscapes and ecosystems.

The ministry also pledged more budget to guarantee fair access to culture and universal cultural welfare. To this end, the number of beneficiaries for comprehensive culture vouchers next year was raised to 2.67 million people, up 40,000 from this year, and the voucher amount to KRW 110,000, up KRW 10,000. The related budget of KRW 210.2 billion was up from KRW 188.1 billion this year.

For sports course vouchers, 105,000 people will get them next year, 20,000 more than this year, with a budget of KRW 85.2 billion, up from KRW 51.9 billion year on year. The fund for supporting sports for disabled people was set at KRW 28.1 billion, up KRW 600 million.

To develop the former presidential compound of Cheong Wa Dae into a living destination for simple sightseeing that also features culture, arts and history, the ministry earmarked a new budget of KRW 10.4 billion. The venue will host the best performing arts concerts befitting a former presidential residence and facilities and infrastructure will receive upgrades to provide guidance, rest areas and comprehensive tourism information to both domestic and foreign tourists visiting nearby attractions around Cheong Wa Dae like Gyeongbokgung Palace and Gwanghwamun.