S. Korea Culture Ministry See Large Budget Increase for 2020
The South Korea culture ministry saw a large increase in their budget allotment for the year 2020. The approved budget for the Ministry of Culture, Sports and Tourism was set at 6.48 trillion won (5.4 billion USD). According to an article from Yonhap, the 2020 culture budget allotment sees a 9.4% increase compared to the 2019 budget.
The culture annual budget was increased with hopes of promoting the South Korean content industry and to develop future economic growth.
"Through an effective budget execution, (the ministry) will dramatically nurture the country's cultural potential and spread (Korean) cultural content across the globe and the culture of enjoying leisure activities in everyday life," an official at the culture ministry said.
The official added that 70% of the budget for 2020 will be used in the first half of the year to bolster the ecomony.
Some details on the budget included 1.1 trillion won used for the virtual reality content market, 32.3 billion won allotted to support local filmmakers, fashion designers, and other artist, and a special alottment for building a K-pop concert hall. The government has great hopes for the potential of expansion in South Korean's culture ministry.