The Ministry of Science and ICT said on the 10th that a supplementary budget under its remit totaling 78.7 billion won was approved at a plenary session of the National Assembly.
Accordingly, the ministry's total expenditure for this year increased to 2.38304 trillion won from the main budget of 2.37417 trillion won. This supplementary budget focuses on supporting youth startups, industrial transition, and the commercialization of energy technologies amid rising burdens from high oil prices and high inflation due to the Middle East war.
First, 39.8 billion won will be invested in a project to create science-focused startup cities anchored by the four major institutes of science and technology, including KAIST, and research and development special zones. Through an integrated startup league joined by the four major institutes, the government will identify youth tech startup teams and provide linked support from team building and business model advancement to global expansion. It also allocated 6 billion won to revitalize regional deep-tech startups centered on research and development special zones.
The AX voucher program, which helps traditional manufacturing corporations transition to artificial intelligence, received 10 billion won. It aims to simultaneously boost productivity and secure early sales channels by supporting traditional corporations in purchasing and adopting solutions from youth AI corporations. In addition, it will accelerate the construction of large-scale CCU demonstration facilities that convert carbon dioxide emitted from petrochemical and steel processes into aviation fuel and eco-friendly marine fuel. The Ministry of Science and ICT said it will begin production process design, place orders for large equipment, and start basic civil engineering work within the year to keep the project on track for completion in 2028.
Bae Kyung-hoon, vice minister, said, "We will do our utmost to ensure the swift execution of the supplementary budget so it reaches people's livelihoods on the ground."