AJU PRESS ASIA FIRST NEWS AGENCY

Journalist

&
""
Latest by
  • Koreas Ministry of Land Allocates Record Budget of 69 Trillion Won for 2027
    Korea's Ministry of Land Allocates Record Budget of 69 Trillion Won for 2027 The Ministry of Land, Infrastructure and Transport has proposed a record budget of 69 trillion won for 2027, an increase of over 6 trillion won from this year. Of this amount, 30 trillion won is earmarked specifically for housing supply. The ministry aims to enhance housing stability and accelerate supply by focusing financial resources on new public rental housing and supporting early construction at project financing (PF) sites.According to the ministry, the 2027 budget plan totals 69 trillion won, up 6.2 trillion won (9.9%) from this year's main budget of 62.8 trillion won. The budget is divided into 24 trillion won for accounting, which is a decrease of 600 billion won (2.5%) from this year, while the fund allocation increases from 38.2 trillion won to 45 trillion won, a rise of 6.8 trillion won (17.8%). In terms of sectors, the social welfare budget increases from 41.7 trillion won to 47.9 trillion won, while the social overhead capital (SOC) budget remains at 21.1 trillion won, the same as this year.The ministry plans to concentrate investments in four key areas: enhancing living standards, fostering future growth, promoting balanced development, and ensuring public safety.◆Housing Budget Increased from 21.2 Trillion to 30 Trillion Won with New Public Rental HousingThe most notable increase is in the housing supply budget.To support its plan to supply 1.1 million public housing units by 2030, the government will provide 218,000 public housing units next year, a 12% increase from this year's 194,000 units. The breakdown includes 172,000 public rentals, 34,000 public sales, and 12,000 publicly supported private rentals.As a result, the housing supply budget will rise from 21.2 trillion won this year to 30 trillion won next year, an increase of 8.8 trillion won. Notably, a new 'universal public rental' program will be introduced, reflecting the needs of transit-oriented development and medium-sized units, with a total budget of 6.2 trillion won allocated for this initiative.Specifically, the budget includes 4.77 trillion won for universal public rental loans, 238 billion won for universal multi-family purchase rental loans, and 900 billion won for universal jeonse rental loans.More than 50% of the new universal rental housing will be allocated to young people. The budget for youth housing support will see a new allocation of 1.4 trillion won, while the budget for youth monthly rent support will increase from 130 billion won this year to 231.9 billion won next year.Support for early construction of private housing projects will also be strengthened. The 'residential facility PF loan interest subsidy program' will allocate 169.6 billion won to support financial costs for residential facilities that begin construction early.Additionally, 100 billion won will be allocated to 'PF Anchor REITs,' which involve public pre-investment in the early stages of development projects. The ministry plans to establish approximately 400 billion won in PF Anchor REITs next year.Support for victims of jeonse fraud will continue, with 84 billion won allocated to a minimum support fund for victims whose recovery amounts do not reach one-third of their rental deposits.◆Significant Increase in Autonomous Vehicle Budget to 880.1 Billion Won, New Physical AI and Overseas Construction FundInvestments in future mobility will see substantial growth.The budget for autonomous vehicles will surge from 73.1 billion won this year to 880.1 billion won next year. The number of autonomous vehicles deployed in five to six demonstration cities, including Gwangju, will increase from 200 to 3,000, and demand-responsive transport (DRT) services will be supported in 50 locations nationwide. The budget for urban air mobility (UAM) will rise from 8.2 billion won to 41.9 billion won, while funding for drones will increase from 48.2 billion won to 66.8 billion won.In the construction sector, investments in physical AI will commence. A new allocation of 58.5 billion won will support the 'CO.AX project,' which focuses on the practical application of smart construction technologies, including testing and certification.The budget for research and development (R&D) in land and transport will increase from 533.6 billion won to 556 billion won. A total of 1.2 trillion won will be invested in 28 new R&D projects centered on AI cities, future mobility, and carbon neutrality.To transition overseas construction from a contracting and construction focus to investment and development, a new fund will be established. The government will invest 1 trillion won to create a 'New Overseas Construction Strategy Fund' with a total size of 3 trillion won, allocating 100 billion won for next year.◆Continued Promotion of Major SOC Projects like GTX and Gadeokdo New AirportIn the SOC sector, major railway, road, and airport projects will continue to advance.For railways, 14 billion won is allocated for GTX-A, 366.2 billion won for GTX-B, and 71.6 billion won for GTX-C. The construction of the Gangneung-Jejin railway will receive 445 billion won, while the Wolgok-Pangyo double-track railway will get 215 billion won, and the Southern Inland Railway will be allocated 200.6 billion won. The Gwangju Songjeong-Mokpo section of the Honam High-Speed Railway will receive 141.3 billion won.In the airport sector, 431.1 billion won is allocated for the Gadeokdo New Airport. The budget also includes 120 billion won for the construction of the Saemangeum New Airport, 113.7 billion won for a small airport on Ulleungdo, and 202 billion won for compensation and design costs for the Daegu-Gyeongbuk Integrated New Airport.A new 'specialized urban regeneration pilot project' will be launched to revitalize the declining city centers of local hub cities, with 29.4 billion won allocated for space support through vacant leasing and purchasing, as well as infrastructure development.Safety budgets will also be expanded. The budget for maintaining roads, railways, and airports will increase from 51 trillion won to 53 trillion won, and the scope of ground exploration will expand from 4,360 km to 5,000 km.New allocations include 5 billion won for fire safety performance enhancements in 5,000 piloti-structured apartment buildings and 31.4 billion won for fire safety assessments in factories and warehouses.Alongside the budget increase, the ministry will also implement a restructuring of expenditures amounting to 96 trillion won. This includes adjusting the advance payment ratio for railway vehicle purchases and consolidating similar projects, while also considering the execution conditions due to delays in projects like the second airport in Jeju.Kim Heon-jeong, head of the Ministry of Land's Planning and Coordination Office, stated, “Through strong expenditure restructuring, we aim to reduce wasteful budgets and maximize investment effectiveness, significantly enhancing investments in projects that the public can feel.”* This article has been translated by AI. 2026-09-01 14:08:00
  • CCM Certification Changes to Business Designation as Consumer Law Amendment Passes
    CCM Certification Changes to 'Business Designation' as Consumer Law Amendment Passes The name of the Consumer-Centric Management (CCM) system, which evaluates whether corporate management activities are consumer-oriented, will change from 'certification' to 'business designation.' Companies applying for evaluation will pay the assessment fees directly to the designated assessment organization.The Fair Trade Commission announced that the amendment to the enforcement decree of the Consumer Basic Act, which includes these changes, passed the Cabinet meeting on September 1.This amendment follows the revision of the Consumer Basic Act in March. The revised law changes the name of the consumer-centric management certification system to the consumer-centric management business designation system and allows the assessment fees paid by companies to be treated as income for the assessment organizations.The CCM system evaluates whether companies organize and operate all management activities, including product planning, production, sales, and after-sales service, with a focus on consumers. The amended enforcement decree aligns with the legal changes, renaming certification assessment organizations to designated assessment organizations and changing certification documents to designation documents. Terms such as certification assessment fees and certification standards will also be changed to business designation assessment fees and business designation standards, respectively.Applicants for business designation must pay the assessment fees directly to the designated assessment organization before the evaluation takes place. The Fair Trade Commission will announce the amount of the assessment fees and the criteria and rates for reductions for small and medium-sized enterprises.The structure and operation of the Consumer Policy Committee's expert committee will also be improved. The Consumer Policy Committee is a government-wide consultative body that deliberates and coordinates consumer-related policies. The expert committee serves as an advisory body that conducts preliminary research on issues requiring specialized review that are presented to the committee.The current enforcement decree stipulates that senior officials from relevant central government departments must be appointed as expert committee members in advance. The amendment removes this provision, allowing responsible staff to attend meetings based on the agenda.The authority to appoint private experts will also shift from the Prime Minister to the Chairperson of the Fair Trade Commission. This change aims to reduce the time required for committee composition and respond more swiftly to consumer issues. The term for private committee members is set at three years.The amended enforcement decree will take effect on November 11, following presidential approval and promulgation.* This article has been translated by AI. 2026-09-01 14:04:00
  • Madup Shares Surge 17% Following First Analyst Report
    Madup Shares Surge 17% Following First Analyst Report Madup's shares have surged nearly 17% following the release of a new corporate analysis report by a securities firm.According to the Korea Exchange, as of 1:28 PM, Madup's stock was trading at 8,950 won, up 1,350 won (17.76%) from the previous trading day. The stock opened at 8,260 won and reached a high of 9,600 won during the session.Madup, which went public on the KOSDAQ market on July 1, is an advertising agency that operates based on digital marketing artificial intelligence (AI) agents and solutions.On the same day, SK Securities initiated coverage on Madup, issuing a 'Buy' rating and setting a target price of 14,500 won. The analysis suggests that Madup stands to benefit as AI investments transition from infrastructure development to actual profit generation.Heo Seon-jae, a researcher at SK Securities, stated, "Madup is achieving both cost reduction and revenue growth through its vertical AI, which has learned from over 1 trillion won worth of advertising data. The value of AI infrastructure will ultimately be confirmed by companies that generate profits from its use, leading to increased interest in software and services that monetize AI applications."He also noted, "The advertising agency industry has a large market size but low growth potential, which presents a significant opportunity for companies that secure a competitive edge with AI. The substantial cost-saving effects and the existence of quantifiable metrics for advertising performance allow for immediate validation of AI advantages, and as market growth is limited, expanding market share directly translates to improved results."* This article has been translated by AI. 2026-09-01 14:04:00
  • New Regulations to Curb Misleading Financial Advertising
    New Regulations to Curb Misleading Financial Advertising Provocative phrases in financial investment advertisements, such as "○○ Electronics 100,000 won, now is the chance" and "It will be too late after ○○○○ goes public," are expected to disappear. Financial authorities are significantly tightening regulations on financial investment company advertisements by establishing an advertising committee within the Financial Investment Association and including video ads on securities firms' YouTube channels in the review process. The criteria for imposing fines for advertising violations will also be newly established.On September 1, the Financial Supervisory Service (FSS) and the Financial Investment Association (FIA) held a briefing on comprehensive improvements to advertising practices for financial investment companies, attended by compliance officers, consumer protection officers, and advertising personnel from over 70 financial investment firms.The most significant change is the expansion of the FIA's advertising review scope. The FIA plans to establish an 'Advertising Committee' that includes participation from industry, consumer groups, and the media to decide on key policies related to advertising reviews. Previously, there was no dedicated body for advertising-related policies, which limited the ability to officially incorporate external opinions from consumers.Video advertisements produced on financial investment companies' own channels will also be subject to FIA review. This includes newly listed ETFs, high-risk financial investment products, and products designated by the Advertising Committee. Previously, video ads on companies' own YouTube channels were excluded from FIA review, leading to discrepancies in self-review standards among companies.New criteria for imposing fines for advertising violations will be established. The FIA aims to enhance the predictability of sanctions by specifically defining detailed judgment factors, such as the motives and outcomes of the actions, thereby strengthening the effectiveness and fairness of penalties.The internal advertising review procedures of financial investment companies will also be reinforced. They will be required to review whether promotional content that induces trading of specific stocks is included in external information provided, such as market analysis materials. Participation of the consumer protection officer (CCO) in the advertising review process will be mandatory. This change is intended to address previous concerns that consumer protection perspectives were insufficiently considered in advertising reviews, allowing CCOs to assess potential consumer harm in advance. For advertisements utilizing online channel operators like YouTubers, a step-by-step checklist will be established for contract review and post-management.Post-publication management will also be strengthened. Financial investment companies must promptly verify that published advertisements align with the final review and conduct regular checks at least once a year. The FSS and FIA plan to pre-announce related regulatory amendments in early September, gather feedback, and complete revisions by mid-October, with the improvements set to take effect in January 2027.Earlier this year, financial authorities, the FIA, and the asset management industry launched a task force to improve ETF advertising regulations and have been discussing related matters. The FSS previously issued warning messages regarding misleading advertisements during meetings with compliance officers from asset management firms and requested submissions of advertising execution records for review.Seo Jae-wan, Deputy Governor of the FSS, expressed concern over the recurring issue of misleading and exaggerated advertisements in the financial investment industry, stating, "We will hold the companies and their employees accountable for false and exaggerated advertisements that hinder rational investor judgment."* This article has been translated by AI. 2026-09-01 14:00:20
  • Ansan City Corporation Takes Steps to Ensure Safety During Chuseok Holiday
    Ansan City Corporation Takes Steps to Ensure Safety During Chuseok Holiday The Ansan City Corporation is conducting safety inspections of key public facilities it manages to prevent accidents during the Chuseok holiday period. According to the corporation, safety checks will be carried out on 46 facilities, including Was Stadium, until September 11. These inspections aim to mitigate potential safety incidents such as fires, flooding, and security breaches that could occur while facilities are closed or operating unattended during the holiday. The inspections will focus on verifying the safety management status of each facility with participation from the corporation's staff. Key inspection items include checking the status of fire alarm systems, the functionality of smoke detectors, and the operation of unmanned security systems. Given that the number of staff on-site will decrease during the holiday, the corporation will also review its emergency response systems to ensure swift action in case of incidents. The corporation plans to update the emergency contact network among employees, partner companies, and security firms to facilitate prompt responses in emergencies. Any issues that can be addressed immediately during the inspections will be resolved on-site, while facilities requiring further repairs or reinforcements will be managed through follow-up actions. Citizens have expressed the need for proactive management of public facilities during the holiday period to prevent any lapses in safety. They believe that continuous management against risks such as fires, flooding, and security incidents is essential, and that identifying vulnerabilities and reviewing response systems are fundamental measures for public safety. Meanwhile, Kim Cheol-yeon, acting president of the corporation, stated, "We are thoroughly conducting pre-holiday inspections to prevent safety accidents that may occur during unmanned operations over Chuseok." He added, "We will do our utmost to create a safe environment for citizens to use public facilities with peace of mind."* This article has been translated by AI. 2026-09-01 14:00:00
  • Corruption Investigation Launched into Supreme Court Chief Justice Cho Hee-dae
    Corruption Investigation Launched into Supreme Court Chief Justice Cho Hee-dae The Corruption Investigation Agency (CINA) has begun an investigation into Chief Justice Cho Hee-dae following allegations of abuse of power related to the controversial nomination of Supreme Court justices.According to legal sources on September 1, CINA assigned the case, filed by the citizen group Citizen Action for Judicial Justice (CAJJ) on August 25, to its Special Investigation Division (led by Chief Prosecutor Na Chang-soo) on August 27.CAJJ claims that Cho disregarded established practices by unilaterally nominating Supreme Court Justice candidate Son Bong-ki, thereby obstructing the president's authority to appoint justices.The group also accused Cho of neglecting his duties, stating, "Cho has failed to recommend a successor to former Justice Noh Tae-ack to the president for over seven months without justifiable reasons, thereby intentionally neglecting his responsibilities."Previously, on August 18, Cho submitted a written nomination to President Lee Jae-myung for Son Bong-ki (60, 22nd Judicial Research and Training Institute) and Kim Sung-soo (57, 24th) as successors to former Justices Noh Tae-ack and Lee Heung-gu.Typically, the nomination process involves prior coordination, with the Chief Justice personally presenting the candidates to the president.This unilateral notification has sparked controversy, particularly among ruling party members, who have described it as an unprecedented action in constitutional history.On August 28, the Blue House effectively rejected Cho's written nominations, signaling a demand for re-nomination.* This article has been translated by AI. 2026-09-01 13:56:00
  • South Koreas Science Ministry Allocates 29.6 Trillion Won Budget for 2027, Focused on AI Transformation
    South Korea's Science Ministry Allocates 29.6 Trillion Won Budget for 2027, Focused on AI Transformation The Ministry of Science and ICT has proposed a budget of 29.6 trillion won for 2027, a 24.5% increase from this year. Of this amount, 9.4 trillion won is earmarked for AI transformation, representing about one-third of the total budget.On September 1, the Ministry announced that the '2027 Budget Proposal' was approved during a Cabinet meeting.The ministry's budget has been steadily increasing, from 21 trillion won in 2025 to 23.8 trillion won this year, and now to 29.6 trillion won in 2027, reflecting a growing annual increase. The R&D budget has also risen during this period, from 9.7 trillion won to 11.9 trillion won, and then to 14.1 trillion won.The budget is divided into three main areas: 9.4 trillion won for AI transformation, 12.4 trillion won for advanced technology acquisition, and 900 billion won for supporting balanced growth. The AI transformation budget saw the largest increase at 85%, while advanced technology acquisition grew by 15.8% and balanced growth support increased by 14.8%.Major Mega Projects and Top-tier AI ModelsOf the 9.4 trillion won allocated for AI transformation, 795.6 billion won is designated for three major projects: AI Data Centers (AIDC), Physical AI, and next-generation semiconductors. The AIDC aims to establish a 10MW testbed to secure domestic solution references early, with 878 billion won allocated for cluster development and industry cultivation, and 1.155 trillion won for developing materials and cloud technologies. Physical AI will receive 400 billion won for training center construction, 550 billion won for core technology development, and 260 billion won for logistics demonstrations in collaboration with the Korea Post. The next-generation semiconductor initiative includes 250 billion won for ultra-fine and layered semiconductor technology development and 900 billion won for securing K-AI semiconductor full-stack references.More than 5.5937 trillion won is allocated for the top-tier AI models and technology acquisition, which encompasses independent AI models, next-generation AI technologies, and AI security. The budget for expanding GPU resources for independent AI model development will increase from 2.0841 trillion won this year to 3.850 trillion won next year, while support for enhancing data competitiveness will rise from 300 billion won to 800 billion won. In the AI security sector, new allocations include 550 billion won for developing 'AI Cyber Shield Dome' technology and 700 billion won for supporting AI threat response services for small and medium-sized enterprises.Expanding AX and Inclusive AI SocietyThe 'AX Expansion' initiative, which includes Everyone's AI, Science and Technology x AI, and Regional Industry AX, has been allocated 1.8611 trillion won. A new allocation of 250 billion won will support universal access to national AI chatbots and public AI agents, while regional AX budgets for Daegu-Gyeongbuk, the Southwest, Jeonbuk, and the Southeast will increase from 177 billion won this year to 334.5 billion won next year.In the Science and Technology x AI sector, the operating budget for the National Science AI Research Center will increase from 400 billion won to 618 billion won, and 578 billion won will be newly allocated for supporting integrated analysis of AI-based bio-data and materials. The 'Inclusive AI Society' initiative, which focuses on global AI, AI talent, and AI capability enhancement, has been allocated 1.1707 trillion won, with plans to increase the number of AI-centered universities from 18 this year to 67 next year. The AI budget from the Ministry has surged from 1.5 trillion won in 2025 to 5.1 trillion won in 2026, and now to 9.4 trillion won in 2027, more than six times in just two years.Advanced Technology Acquisition and Government R&D ScaleThe budget for advanced technology acquisition is set at 12.4 trillion won, with 1.3439 trillion won allocated for the 'Seven SEED Projects' encompassing future energy, future exploration technologies, and advanced supply chains. The Small Modular Reactor (SMR) aims to begin construction by the 2030s for non-light water types and by 2035 for light water types, with 1.601 trillion won allocated for developing core nuclear fusion technologies and establishing demonstration infrastructure.In the quantum sector, 175 billion won is allocated for domestic quantum computer manufacturing challenges, while 195 billion won is designated for the 'Brain-Link Initiative' to develop brain-computer interfaces in advanced bioengineering. The largest allocation of 5.6408 trillion won is for national strategic technology development and commercialization, which includes basic research, research institutes, and commercialization of research outcomes. The number of strategic research projects will increase from 77 this year to 119 next year, and the proportion of research funding from contributions will rise from 60.3% to 70.2%, restructuring the research system to be mission-oriented.For strengthening the R&D innovation ecosystem, which includes basic research, science and technology talent, and international cooperation, 5.1636 trillion won is allocated, increasing the number of individual basic research projects from 15,300 to 18,000, and expanding the number of scholarships for science and engineering students from 2,920 to 5,140.Balanced Growth Support and Overall Government R&D ScaleThe balanced growth support budget of 900 billion won is divided into regional R&D innovation (413.8 billion won), social problem-solving (102.8 billion won), and public perception (337.1 billion won). Regional R&D innovation will focus on expanding local autonomous R&D and strengthening the core functions of research and development special zones, with 151.2 billion won newly allocated for supporting scientific and technological innovation in the four major regions. Social problem-solving will focus on developing technologies to address disasters, drug issues, and cyber threats, while public perception will enhance scientific culture services and distribute information and communication devices to vulnerable groups.The overall government R&D budget is set at 39.5 trillion won, reflecting an 11.2% increase, with the major R&D budget allocated and adjusted by the Science and Technology Innovation Headquarters amounting to 33.8 trillion won, an increase of 11.5%. The government has also shortened the review period for preliminary feasibility studies of large R&D projects costing over 100 billion won from two years to three months, allowing for timely investment in necessary technologies.* This article has been translated by AI. 2026-09-01 13:52:00
  • South Korea to Invest Over $150 Billion in R&D Over Next Five Years
    South Korea to Invest Over $150 Billion in R&D Over Next Five Years The South Korean government plans to invest over 200 trillion won (approximately $150 billion) in research and development (R&D) over the next five years to enhance self-sufficiency in key technologies such as semiconductors, artificial intelligence (AI), and robotics. This initiative aims to move beyond a catch-up growth model and realize the vision of an 'indispensable South Korea.'On September 1, the Ministry of Science and ICT announced that Deputy Prime Minister and Minister of Science and ICT Lee Baek-hoon confirmed the 'Second National R&D Long-Term Investment Strategy (2026-2030)' following a review by the National Science and Technology Advisory Council.This investment marks the first time the government will allocate over 200 trillion won for R&D over a five-year period, based on Article 7-2 of the Framework Act on Science and Technology, which mandates the establishment of a top-level investment strategy every five years.The Ministry aims to address the 'nutcracker' situation of technological reversal with China in key industries and widening gaps with leading countries in future technologies. The strategy was developed through collective intelligence, involving 15 general committee members and 216 members from 13 subcommittees, analyzing 33.81 million scientific papers from the past 20 years using AI to identify 657 high-growth promising technologies and 405 core technologies for the next four years.The vision of the investment strategy is to achieve an 'indispensable South Korea through N·E·X·T investment in science and technology.' The government has set ambitious goals, including investing over 200 trillion won in R&D over five years, developing world-class AI models, maintaining the top position in semiconductor manufacturing, and constructing the first commercial small modular reactor (SMR) by 2035. The strategy has been reorganized into four major strategies and eight key projects, with the acronym N·E·X·T representing each strategy.The 'N (Nexus)' strategy focuses on consolidating technologies in three mega-projects: AI, semiconductors, and robotics. The goal is to elevate global AI competitiveness from 5th to 3rd place, increase the self-sufficiency rate of key semiconductor materials from 30% to 50%, and boost the domestic production rate of essential robotic components from 41% to 80%. The budget for next year allocates 4.11 trillion won for AI, 1.31 trillion won for semiconductors and displays, and 1.08 trillion won for advanced robotics and mobility.The 'E (Enforce)' strategy aims to strengthen capabilities in seven new growth engines (SEED), including advanced bio, quantum, aerospace, advanced supply chains, energy, and defense. By 2029, the government plans to establish a national biofoundry to develop three blockbuster drugs, validate two domestic full-stack quantum computer products in real environments, and attempt the first privately-led lunar landing by 2030. In defense, the goal is to build a Korean defense AI operating system to improve the country's defense science and technology ranking from 8th to 7th. The budget for next year includes 2.2 trillion won for advanced bio and 5.05 trillion won for defense.The 'X (eXpand)' strategy focuses on expanding the ecosystem for basic research, research institutes, and regional R&D. The government plans to eliminate the PBS system that incentivized competition for labor costs and fully support labor costs with grants by 2030, increasing the number of top 100 research institutions from two to five. The 'Brain to Korea' project aims to attract 2,000 outstanding overseas talents, and the share of regional autonomous R&D is set to rise from 4.2% to 15%, paving the way for 50 K-unicorns.The 'T (Trust)' strategy encompasses innovations in disaster safety R&D and investment systems. By integrating AI into disaster safety, the government aims to predict crisis signs in advance and strengthen a performance-based budget system that connects limit setting, budget allocation, evaluation, and performance dissemination.The confirmed investment strategy will be reflected in the medium-term plan for national R&D projects, next year's investment direction, and the annual R&D budget expenditure limits. The government plans to operate a rolling plan that allows for adjustments in implementation plans in response to changes in domestic and international environments, ensuring that the five-year document does not remain stagnant.Park In-kyu, head of the Science and Technology Innovation Bureau, stated, 'If the past year was a time to restore a shaken research ecosystem, the next four years must be a time to produce real growth results on that foundation. By focusing investments on mega-projects and the seven SEEDs while also ensuring stable investments in basic research, young researchers, and regional initiatives, we aim to demonstrate a transformed South Korea in research fields and the daily lives of citizens in four years.'* This article has been translated by AI. 2026-09-01 13:52:00
  • Financial Services Commission Allocates 9.24 Trillion Won Budget for 2027
    Financial Services Commission Allocates 9.24 Trillion Won Budget for 2027 The Financial Services Commission has set its budget for next year at 9.24 trillion won, nearly doubling this year's allocation. The budget focuses on investments in advanced industries, support for low-income finance, and youth asset formation.On September 1, the commission announced that the budget for the 2027 fiscal year has been increased by 4.59 trillion won (98.7%) compared to this year.Key allocations include 2.08 trillion won for youth asset formation, 1.08 trillion won for stabilizing low-income households, and 1.05 trillion won for enhancing future growth potential.The National Growth Fund, aimed at investing in advanced industries, will receive 1 trillion won. The government plans to leverage this funding along with private investments from pension funds and financial institutions to supply over 200 trillion won over the next five years. Starting next year, the annual operating scale will expand from 30 trillion won to 40 trillion won, and support will be extended to new strategic industries, including aerospace.The Regional Revitalization Investment Fund will be allocated 50 billion won to encourage local project investments. An additional 5 billion won will be dedicated to supporting the commercialization of youth fintech companies with AI technology and training specialized personnel.Support for low-income finance will also be expanded. The commission will contribute 5.274 trillion won to the Sunshine Loan Special Guarantee and Sunshine Loan Youth programs, providing a total of 27.8 trillion won in loans. The supply of Sunshine Loan Special Guarantees will increase from 23.3 trillion won this year to 24.8 trillion won next year.A new 'K-Living Support Loan' will be established for individuals with credit scores in the bottom 50%. Utilizing 300 billion won in government funding and private capital, a total of 600 billion won will be made available. The initial loan of 1 million won will be offered at an interest rate of 4.5% for a 10-year term, with an additional 1 million won available after six months of timely repayments. The budget also allocates 500 billion won for special debt adjustments for long-term overdue debts of self-employed individuals and small businesses affected by COVID-19.The Youth Future Savings program will receive 1.7 trillion won. The income requirements for the standard plan will be eliminated to broaden eligibility, and the government contribution rate for the preferential plan will increase from 12% to 15% of monthly contributions. A separate preferential track will be established to support young employees at small and medium-sized enterprises in local areas with 25% of their contributions. The expanded contribution benefits will be retroactively applied to this year's participants following the National Assembly's budget review.The 'Our Child Independence Fund,' which accumulates funds from parents and the government from birth until the child turns 18, will receive a new allocation of 146.5 billion won. Households with incomes below 50% of the median will receive a fixed annual support of 1.2 million won, while those with incomes between 50% and 150% of the median will receive matching support from the government of up to 1 million won based on parental contributions.* This article has been translated by AI. 2026-09-01 13:48:20
  • South Korea Increases Space Agency Budget to Focus on Launch Vehicles and Lunar Exploration
    South Korea Increases Space Agency Budget to Focus on Launch Vehicles and Lunar Exploration The South Korean government is elevating its space sector from research and development to a key national industry. The proposed budget for the Korea Aerospace Agency (KAA) for 2027 has been set at 1.6491 trillion won, a 47.2% increase from this year.On September 1, the KAA announced that the 2027 government budget proposal reflects an increase of 529 billion won compared to 2026's budget of 1.1201 trillion won. The KAA's budget has grown annually, with allocations of 759.8 billion won in 2024, 964.9 billion won in 2025, and 1.1201 trillion won in 2026.The 2027 budget focuses on leveraging accumulated technological capabilities in launch vehicles, exploration, satellites, and aviation to enhance industrial competitiveness. The aim is to support businesses and regions to become central to the growth of the aerospace industry. The KAA plans to invest in five key areas: expanding access to space through the construction of a space highway, expanding the economic territory of space through lunar exploration, fostering advanced satellite industries, enhancing future aviation competitiveness, and creating a private-sector-centered industrial ecosystem.The area with the largest budget increase is launch vehicles. Funding for the 'space highway construction' has surged from 263.2 billion won to 562.9 billion won, a 113.8% increase. The KAA will continue the development of the Korean launch vehicle while initiating a new project for 'Nuri-ho follow-up launch support' to establish a regular launch system of at least once a year, transitioning to a private-led commercial launch ecosystem capable of 2-3 launches annually in the long term. The budget for 'next-generation launch vehicle development' will also be expanded to secure global price competitiveness in launch vehicles. To meet the growing demand for private and public space launches, a new project for upgrading the Naro Space Center (Phase 3) will replace aging launch equipment and establish new large assembly and testing facilities.The lunar exploration budget has increased from 99.8 billion won to 279.4 billion won, a 180.1% rise. The plan is to create an ecosystem that progresses from 'Earth-Moon communication infrastructure development' to 'small lunar lander demonstration' and ultimately to 'independent lunar landing.' A new project for 'lunar orbit communication satellite development' will be initiated, and the development of a small lunar lander aims for a lunar landing and technology demonstration by 2030.The advanced satellite budget will rise from 236.2 billion won to 264.7 billion won, a 12.1% increase, driven by the establishment of low Earth orbit satellite communication networks and a surge in demand for space AI data. A new project for 'geostationary environmental and marine satellite development' will enhance national security and precision monitoring capabilities for climate and disasters. The KAA will also develop 'multipurpose practical satellite No. 8' with ultra-high-resolution observation technology, advance the 'Korean Positioning System (KPS) development,' and lead the 6G era with 'low Earth orbit satellite communication technology development,' while securing core technologies for space AI data centers to overcome power and cooling limitations.The future aviation budget will increase from 53.1 billion won to 56.8 billion won, a 7.0% rise, while the budget for creating a private industrial ecosystem will grow from 181.3 billion won to 184.5 billion won, a 1.8% increase. In the aviation sector, new projects for 'AAM innovative technology development' and 'drone-to-drone core technology development' will be initiated, along with efforts to localize advanced aircraft engines and establish a foundation for international joint development of commercial aircraft. In the industrial ecosystem area, investments will increase for 'New Space investment support (funds),' commercialization support for space technology, and training specialized personnel tailored to the field.This budget proposal follows the government's recent confirmation of the 'Second National Research and Development Long-term Investment Strategy (2026-2030),' which identified aerospace as one of seven SEED future growth engines alongside advanced bio and quantum technologies.Oh Tae-seok, head of the KAA, stated, "The 2027 budget proposal focuses on connecting government-led technology development to corporate growth and industrial competitiveness. We will do our utmost to strengthen the competitiveness of the space transport, exploration, advanced satellite, and future aviation sectors for a significant leap in South Korea's aerospace industry." 2026-09-01 13:48:20