S. Korea's foreign affairs budget for 2025 to be focused on ODA, hosting APEC Summit

[25년 예산: 외교] 외교부 내년 예산 4조3194억원… ODA•APEC 정상회의 중점 확대

In the meantime.
Next year's budget for foreign affairs sector will likely be focused on South Korea increasing its contributions on the global stage and more.
Our foreign affairs correspondent Bae Eun-ji has the details.

The Foreign Ministry unveiled the details of its budget proposal for next year on Thursday, saying that it plans to focus spending on hosting the APEC Summit, increasing official development assistance, and providing more funding to international organizations.

In total, the ministry seeks to spend around 4-point-3 trillion Korean won next year, or about 3-point-2 billion U.S. dollars.
That's around a 3-percent increase compared to this year.

This includes a budget of more than 100 billion Korean won, or nearly 74 million dollars, to further prepare for the Asia-Pacific Economic Cooperation summit, that will be held in November next year in Gyeongju City in the southeast.
The proposed amount is nearly 40 times higher than this year's budget of 2-point-5 billion won.
Next year's APEC summit will mark the first time in 20 years that South Korea is holding the event, after the country hosted it back in 2005, in Busan.

As for its spending on official development assistance, the ministry set aside 2-point-8 billion Korean won, which is a little more than 2 billion U.S. dollars.
That's around 2 percent higher compared to last year.

In line with the country's vision to become a "global pivotal state," it also seeks to raise its contributions to international organizations.
It has proposed to spend 826 billion Korean won, or nearly 620 million dollars in this field, up 15 percent from this year's spending.

Also, the ministry allocated 6-point-9 billion Korean won to prepare for the South Korea-Central Asia summit that it's planning to host next year.
It explained that this event is in line with the country's so-called "K-Silk Road" initiative, laid out when President Yoon Suk-yeol visited three Central Asian countries in June.
Bae Eun-ji, Arirang News.

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2024-08-29, 18:00 (KST)