The industry ministry said Tuesday it has requested a 1.3 percent rise in its budget for next year to spur semiconductors and other advanced sectors and boost exports.
The ministry sought a budget of 11.22 trillion won (US$8.47 billion) for 2024, which also calls for providing greater support to help vulnerable groups with their energy bills, according to the Ministry of Trade, Industry and Energy.
Of the total, the ministry earmarked 5.14 trillion won for the industry sector, marking a 10.3 percent on-year fall.
"The government will further expand backing for advanced, strategic industry sectors, such as chips and secondary batteries, while pushing for the restructuring of state-backed projects," a ministry official said.
Another 4.79 trillion won will be set aside for efforts to strengthen energy security and for subsidies for vulnerable groups amid a recent sharp growth in utility rates.
The budget for energy vouchers will triple to 685.6 billion won in 2024 from this year's 190.9 billion, and the budget for small merchants to upgrade their air conditioning and heating systems will surge more than 200 percent to 163.4 billion won.
Major projects for energy security include the technology development for small modular reactors and the financial support for nuclear energy firms.
The ministry also pushed to raise the budget to support exports by 38.1 percent on-year to 1.11 trillion won next year amid growing uncertainties in the international trade environments.
South Korea has been grappling with a slowdown in the growth of exports in recent months as the global economy has slowed. Exports are the country's key growth engine.
Source: Yonhap News Agency