'Super budget' to target AI, future growth, youth, regional development
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 South Korean government has announced plans to direct fiscal resources towards artificial intelligence (AI), future industries, youth support, and regional development, utilizing the surge in tax revenue generated by the semiconductor boom. Budget officials revealed this strategy following high-level consultations between the government and the ruling party.
This initiative comes as the government anticipates a more than 10 percent increase in next year's budget, pushing it beyond 800 trillion won for the first time. Instead of allocating the additional funds to short-term programs, the government and ruling party aim to reinvest them in long-term growth. Rep. Kwon Chil-seung, the Democratic Party of Korea's policy chief, confirmed that both sides have agreed on the government's active fiscal role in promoting Korea's structural transformation.
Rep. Jung Tae-ho, the DPK's representative on the National Assembly's Special Committee on Budget and Accounts, mentioned that the government plans to reduce nonessential expenditures and concentrate resources on strategic, high-growth sectors.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.