[Leaders Times] The budget proposal and the total expenditure in the fund management plan for the Ministry of SMEs and Startups in 2024 was decided at KRW 14.9497 trillion won in the National Assembly of South Korea on December 21.
During the National Assembly deliberation process, KRW 14.5135 trillion won was increased by KRW 436.1 billion won for enhancement of safety nets of the small business owners and self-employed, regional economic development, and global expansion.
Major budget items approved by the National Assembly:
1. The enhancement of safety nets of the self-employed and retailers
a. (Reduction in interest expense of retailers/small business owners)
Provides low-interest loans to self-employed and retailers who use non-bank high-interest rate debt.
b. (Small business owners energy costs) Provides special supplemental funds, KRW (‘24) 2520 billion won, to assist in payment of electricity bills for vulnerable small business owners.
c. (Onnuri gift certificates) Increase issue of Onnuri gift certificates from KRW 4 trillion won to KRW 5 trillion won.
2. The expansion of globalization
d. (Global innovation special zone) An increase in the budget is allocated to offset the effect of negative regulations and global standards, such as substantiation and certification, for the development of novel products in high-tech fields, fostering advanced product development, and overseas expansion.
e. (Smart factories) An additional 100 billion won is allocated for the dissemination and expansion of smart factory initiatives.
The Ministry of SMEs and Startups plans to swiftly execute related budgets for the stability of small business operations, the expansion of safety nets, and globalization, including initiatives like 'Startup Korea,' aiming to ensure robust support for the livelihood of the small business communities.