(3rd LD) Lee vows bold investment in AI, future growth engines for 'growth for all'

President Lee Jae Myung vowed on Monday to make significant investments in artificial intelligence (AI) and other future growth engine industries, aiming to enhance South Korea's economic potential and promote growth for all citizens. Speaking at the National Assembly, the president called for bipartisan support to pass the 2027 budget bill, which will transform national growth into growth for the people.

The budget bill, submitted in September, proposes a total government spending of 820.9 trillion won (US$614.5 billion) for the upcoming year, marking a 12.8 percent increase from the current year. Key priorities include establishing the 160 trillion-won Future Fund to support younger generations, promote economic growth engines, and reduce social gaps; allocating 21.3 trillion won to build a semiconductor manufacturing hub and data centers, and investing 4.6 trillion won to acquire a world-class AI model.

The president also announced an 8.2 percent increase in the defense budget to 73.3 trillion won, with plans to acquire military assets necessary for Seoul to regain wartime operational control.