Gov't to allocate $29 bil. to finance ministry in 2027 budget
Korea's finance ministry said Tuesday that 39.7 trillion won ($29 billion) has been earmarked for the ministry under the government's 2027 budget proposal, with a focus on fostering future growth engines and expanding export financing. The Ministry of Finance and Economy said the amount marks a 15.7 percent increase, or 5.4 trillion won, from the 2026 budget. "The finance ministry will focus on…
The Korean government has announced a significant allocation of funds for the finance ministry in the 2027 budget proposal. The ministry will receive 39.7 trillion won, or $29 billion, which represents a 15.7% increase from the 2026 budget. This additional funding of 5.4 trillion won will be directed towards fostering future growth engines and expanding export financing.
As part of the budget strategy, the finance ministry plans to support strategic industries and hyper-innovation economy projects. The government will establish a new strategic investment account under the Korea Investment Corp., allocating 500 billion won specifically for this purpose. This move aligns with the growing trend of countries utilizing strategic sovereign wealth funds to build national wealth and strengthen economic security through proactive industrial policies.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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