SEOUL, KOREA - The National Assembly's Trade, Industry and Energy Committee held a plenary session on November 13 and approved the next year's appropriation budget of 11,655.8 billion won. This is up 624.1 billion won from the original draft, including 433.0 billion won for the Ministry of Trade, Industry and Energy and 191.1 billion won for the Small & Medium Business Administration.

 

In particular, the budget for overseas resource development within the energy ministry has been cut by 101.8 billion won, amid the recent controversy surrounding the misplaced investment and the huge loss during the Lee Myung-bak administration. The items under review included projects related to oil field exploration, projects invested by Korea Resources Corp., contingent loan programs provided to overseas resource development projects.

 

Lawmaker Hong Young-pyo (New Politics Alliance for Democracy), a Trade, Industry and Energy Committee member, commented, "We don't even know how much we have lost from the reckless investment in overseas resource assets during the Lee government. Until we find out exactly how much we lost, who were responsible, and what to do to keep the same mistake from happening, we can't increase the budget in this area as the administration asks for."

 

Article provided by The Korea Economic Daily