Ministry of Industry Executes 8.6 Trillion Won in Fiscal Spending in First Half of Year... Achieves 'Highest Execution Rate Ever'

3rd Ministry of Trade, Industry and Energy Rapid Execution Inspection Meeting

The Ministry of Trade, Industry and Energy executed 8.6 trillion KRW in the first half of this year, achieving the highest execution rate ever.

On the 9th, the Ministry held the '3rd Ministry of Trade, Industry and Energy Rapid Execution Review Meeting' at the Government Sejong Complex to discuss the rapid execution performance results for the first half of 2024 and the execution inspection plan for the second half.

In January, the Ministry set the rapid execution target for the first half of this year at 80%, aiming to execute 8.5 trillion KRW out of a total 10.6 trillion KRW. A ministry official explained, "This is the highest target among central government ministries (institutions with budgets exceeding 100 billion KRW) in 2024," adding, "It is also the highest execution target ever set by the Ministry." Previous first-half execution targets were 62% in 2020, 68% in 2021, 73.7% in 2022, and 78.9% in 2023.

According to the Ministry, as of the 30th of last month, the rapid execution performance for the first half was 8.6 trillion KRW (80.7%), exceeding the original target of 8.5 trillion KRW (80%) by 100 billion KRW. This represents a 5.2 percentage point (1 trillion KRW) increase compared to the same period last year (7.6 trillion KRW in the first half of 2023) and surpasses the 8.2 trillion KRW recorded in 2022, marking the highest half-year performance ever.

By major execution sectors, 757 billion KRW (execution rate 89.2%) was spent on areas directly related to the livelihood economy, such as energy voucher support for vulnerable groups and replacement of electrical appliances for low-income households; 3.9 trillion KRW (83.0%) was allocated to research and development (R&D) budgets aimed at securing future growth engines and innovating core industries; and 2.4 trillion KRW (85.2%) was executed for infrastructure establishment, loans, and investment budgets supporting companies, including technology innovation and installation of research equipment.

Kim Dae-ja, Director General of Planning and Coordination at the Ministry, stated, "Fiscal execution should serve as a catalyst for the recovery of the real economy, and the Ministry must play an active role so that citizens and businesses can quickly feel its effects." He added, "We will continue to monitor fiscal execution closely in the second half to ensure government budgets are not wasted."

This content was produced with the assistance of AI translation services.