The government has reviewed the financial execution of projects aimed at supporting youth employment and housing stability, as well as initiatives for securing future growth through an innovative economy. It plans to address delays in project execution by year-end and ensure that financial support translates into tangible results on the ground.
On October 20, Jo Yong-beom, Vice Minister of the Ministry of Economy and Finance, chaired the 16th financial execution review meeting at the Korea Financial Information Service, discussing the status of youth support projects and leading initiatives in the innovative economy.
The review focused on the youth support initiatives outlined in the second basic plan for youth policy (2026-2030). In the employment sector, 41,000 young people participated in the Ministry of Employment and Labor's job experience support program, achieving an execution rate of 97.7% as of the end of September. The Ministry of SMEs and Startups' entrepreneurship support program, 'Everyone's Startup,' has also rapidly disbursed funds, surpassing 90,000 applicants in the second round.
In the education and vocational training sector, the Ministry of Education fully executed 4.4 trillion won in national scholarship support for approximately 1.2 million students. The Ministry of Science and ICT has completed funding for 60 participating universities in its AI and software-focused university project, which is progressing as planned.
In the housing sector, about 93,000 individuals have been selected for support through the Ministry of Land, Infrastructure and Transport's youth rent support program, which has an execution rate of 75.6%. The Ministry of Agriculture, Food and Rural Affairs reported a 95.7% execution rate for its rural housing project.
Support continues in the finance, welfare, and cultural sectors as well. The Financial Services Commission's Youth Future Savings program began accepting contributions from first-round enrollees in July, with the second enrollment period running from October 7 to November 27. The Ministry of Land's public transportation fare reimbursement program has provided benefits to approximately 2.12 million young people.
The government plans to streamline the application and payment processes to ensure timely support for youth and will enhance targeted promotion of programs requiring applications through social media.
The review of leading innovative economy projects focused on 15 initiatives included in the new government's economic growth strategy. The nano-convergence industry ecosystem project achieved a 100% execution rate, while the high-temperature superconducting magnet commercialization technology development project recorded an 80.0% execution rate. The execution rates for the K-content fund investment and agricultural products' overseas market entry projects were 87.9% and 90.0%, respectively.
In the climate, energy, and future response sectors, the execution rate for the future regional energy industry ecosystem activation project was 79.0%. The government aims to expedite the pre-approval processes, including site and equipment acquisition, to accelerate project implementation.
Vice Minister Jo emphasized, “Support for youth and innovative economy projects is a key investment for the future of our economy and society,” adding that “the success of financial execution should be reflected not just in execution rates but in youth employment and independence, as well as in technological innovation and growth for businesses.”
He urged each ministry to listen to the voices of young people to ensure they receive necessary support in a timely manner and to push forward major projects aimed at securing future growth drivers with urgency.
The Ministry of Economy and Finance plans to minimize waste by year-end and strengthen field-centered execution management to ensure that financial support leads to tangible outcomes for the public.
* This article has been translated by AI.
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