How Is the Greatly Increased Sports Industry Support Budget Being Used?
Ministry of Culture, Sports and Tourism and Korea Sports Promotion Foundation Sports Industry Support Project Briefing on the 16th
The Ministry of Culture, Sports and Tourism and the Korea Sports Promotion Foundation announced on the 13th that they will hold an explanatory meeting for next year's sports industry support projects at 2 p.m. on the 16th. The meeting will focus on providing guidance on support for finance, business, employment, research and development (R&D), and digital transformation to overcome the damage caused by COVID-19.
The Ministry of Culture, Sports and Tourism recently significantly increased the budget for the sports industry, which is experiencing management crises due to COVID-19. The amount supported this year is 311.7 billion KRW. Next year, it will be 480.5 billion KRW, 54.2% more than this year. The scale of sports industry loans will increase from 106.2 billion KRW to 184.3 billion KRW, and the operating fund limit for sports facility businesses affected by COVID-19 will be raised from 200 million KRW to 1 billion KRW. The sports industry fund will also expand from 13 billion KRW to 24 billion KRW. The budget for customized support for sports companies at different growth stages will increase from 21.2 billion KRW to 28.5 billion KRW. A Ministry official explained, "We will relax selection criteria such as sales and give additional points for COVID-19 damage." He added, "For indoor sports facilities facing employment crises, we plan to support 4,000 jobs with a budget of 44.4 billion KRW."
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R&D support for a new leap forward will also be strengthened. 20.7 billion KRW will be invested in R&D for non-face-to-face sports experience and viewing technology development. The 'Sports Tech Project,' which supports the digital transformation of sports goods, will be newly launched with a budget of 5 billion KRW. In addition, 3.6 billion KRW will be provided for human resource development such as convergence graduate schools, 12.7 billion KRW for regionally specialized sports tourism, and 7 billion KRW for innovation projects based on advanced technology. Detailed information will be announced on the day, and pre-submitted questions will be answered. For more details, please refer to the Korea Sports Promotion Foundation website.
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