"Strengthening Intellectual Property Protection and Utilization"...KIPO's 2024 Budget Proposal of 701.7 Billion KRW

The Korean Intellectual Property Office (KIPO) has finalized the government budget plan for next year, placing greater emphasis on the protection and utilization of intellectual property.

On the 29th, KIPO announced that the government budget for next year has been set at 701.7 billion KRW, a decrease of 37.3 billion KRW (5.1%) compared to this year.

The budget for next year has been reduced in overall size compared to this year due to a decrease in general account transfers (down 35.9 billion KRW).

However, KIPO has expanded the budget for major projects investing in the creation, protection, and utilization of intellectual property to 363.4 billion KRW, an increase of 1.6 billion KRW from this year.

The expanded budget will be intensively allocated to strengthening domestic companies' export capabilities through intellectual property support, innovating intellectual property examination and evaluation systems using artificial intelligence, enhancing the protection functions for national core technologies and other intellectual property, and expanding investment in intellectual property education.

KIPO’s budget plan and fund operation plan for next year will be finalized in early December through deliberations by the National Assembly’s standing committees and the Budget and Accounts Committee, followed by a plenary session resolution.

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