Seoul: The industry ministry announced plans to swiftly execute an extra budget of 981.4 billion won (US$684 million) to aid companies affected by tariffs and to support advanced industries. This initiative is part of a broader strategy to bolster sectors impacted by global trade challenges.
According to Yonhap News Agency, the Ministry of Trade, Industry and Energy will manage a total budget of 2.3 trillion won in 2025, with specific allocations aimed at mitigating the effects of trade uncertainties. The budget includes 380 billion won dedicated to trade insurance, which will assist small and medium-sized enterprises (SMEs) as well as the defense and shipbuilding industries. These sectors are navigating the complexities introduced by the U.S. administration's tariff policies.
The ministry also plans to allocate 415.4 billion won towards the stockpiling of critical minerals. These minerals are vital for high-tech industries and are becoming increasingly significant amid the ongoing global supply chain restructuring.
Furthermore, to enhance the competitiveness of key industries such as semiconductors and rechargeable batteries, the ministry has designated 311 billion won for their development. This move underscores the government's commitment to supporting advanced industries as they adapt to evolving market demands and technological advancements.