South Korea Policy Update — 2026-10-29

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Major Policy and Legislative Changes

1. Ministry of Foreign Affairs: Push for End-of-War Declaration at North Korea-US Summit The South Korean government is expected to propose to the US side that US President Donald Trump and North Korean leader Kim Jong Un announce an "end-of-war declaration" confirming the official end of the Korean War during their summit.

2. Ministry of Land, Infrastructure and Transport: Announcement of 77,000 New Housing Units As a follow-up to the August 13 real estate measures, the government announced 76,700 new housing plots. While there was widespread interest in whether plans to lift greenbelts within Seoul would be included, specific details were not announced.

3. Ministry of Culture, Sports and Tourism: Comprehensive Revision of the Culture and Arts Promotion Act The Culture and Arts Promotion Act is undergoing its first comprehensive revision in 20 years since its enactment in 1972, introducing the concept of the "art industry" to foster the arts from an industrial perspective. This will establish legal grounds for startup support and financing in the arts sector, which had previously been pursued sporadically.

4. Ministry of the Interior and Safety: Restoration of First 4-Megabit DRAM Blueprint The Ministry of the Interior and Safety is working to restore the blueprint for the very first 4-megabit DRAM, marking the dawn of semiconductor legend.

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Regulatory Improvements and Administrative Changes

1. Seoul Metropolitan Government: Resubmission of Youth AI Growth Rights Budget The Seoul Metropolitan Government has compiled and submitted a 2027 budget bill of 55.7445 trillion KRW to the Seoul Metropolitan Council. The previously cut budget for "Youth AI Growth Rights" has been resubmitted, bringing the net budget to 50.1906 trillion KRW, an 8.9% increase from this year.

2. Ministry of Culture, Sports and Tourism: Policy Debate on Culture and Arts Promotion Act Revision On October 28, the Ministry of Culture, Sports and Tourism held a policy debate on revising the Culture and Arts Promotion Act at Korea National Open University to listen to the voices of the artistic community.

3. Office for Government Policy Coordination: Inter-agency Rapid Housing Supply Inspection Meeting The Prime Minister presided over the inter-agency rapid housing supply inspection meeting at the Government Complex Seoul on October 27 to review administrative procedures related to housing supply.

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Policy Impacts and Future Schedule

1. Expectations for Real Estate Market Stabilization Housing supply is expected to expand through the announcement of 76,700 new housing plots.

2. Establishment of Legal Basis for the Art Industry Through the comprehensive revision of the Culture and Arts Promotion Act, legal grounds for art startup support and loans will be established, and the art industry is expected to be fostered in earnest.

3. Expansion of Seoul Youth Policies With the submission of Seoul's 2027 budget bill and the revival of the "Youth AI Growth Rights" budget, project expenditures related to youth under the 9th popular election of Seoul are set to expand by 9.0% to 31.5752 trillion KRW.