The Ministry of Culture, Sports and Tourism’s budget for next year, which was passed during a Cabinet meeting on Tuesday, has been set at 6.97 trillion won ($5.27 billion), a 3.5 percent increase from 2023, the ministry announced the same day.
The Culture Ministry outlined its plans based on two main objectives: boosting economic vitality through K-content and tourism and ensuring fair access to culture for the public. To achieve these goals, the budget allocation includes 1.5 trillion won for K-content, K-culture and sports each, and 1.2 trillion won for tourism. The ministry has set aside 800 billion won for regional development and policies to support vulnerable groups.
The scale of policy financing available next year for the content industry, which has become an important export sector, will amount to 1.74 trillion won, a steep rise from this year’s 790 billion won, the ministry said.
The ministry’s budget for tourism rose 10.7 percent to 1.36 trillion won.
"The budget proposal for 2024 focuses on consistently emanating the charm of K-culture and enhancing competitiveness. It aims to support exports and job creation in industries like K-content, as a lifeline for the Korean economy, including K-tourism and K-sports, while supporting all citizens to enjoy culture without discrimination," Culture Minister Park Bo-gyoon said in a statement Tuesday.
Meanwhile, the country’s total budget for next year marks a 2.8 percent growth from this year's budget of 638.7 trillion won, marking the slowest on-year growth since 2005 and a drastic slowdown from the previous year's 5.1 percent rise, according to the Ministry of Economy and Finance.