AI, new growth engines, youth welfare, regions to receive big boost
The government plans to channel fiscal resources into artificial intelligence (AI), future industries, youth support and regional development by leveraging increased tax revenue from the semiconductor boom, government and ruling party officials said Tuesday. The plan comes as next year’s budget is expected to increase by more than 10 percent from this year’s 729.9 trillion won ($527 billion),…
The government is set to invest fiscal resources in artificial intelligence (AI), emerging industries, youth welfare, and regional development, harnessing the surge in tax revenue stemming from the semiconductor boom, according to officials on Tuesday. As next year's budget is projected to surge by over 10 percent from this year's 729.9 trillion won ($527 billion), reaching more than 800 trillion won for the first time, the government and ruling party plan to reinvest the additional funds into future growth rather than allocating them to short-term programs.
The Democratic Party of Korea (DPK) and the government have reached consensus on the importance of a proactive fiscal role in propelling Korea's structural transformation, stated Rep. Kwon Chil-seung, the DPK's policy chief, after high-level budget discussions between the two parties. Rep. Jung Tae-ho, the DPK's representative on the National Assembly's Special Committee on Budget and Accounts, added that the government intends to rigorously trim non-essential expenditures to focus resources on strategic, high-growth sectors.
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- AI, new growth engines, youth welfare, regions to receive big boost koreatimes.co.kr
