President highlights growth fund as he seeks parliamentary backing for record budget
President Lee Jae Myung on Monday highlighted a proposed 162 trillion won ($120.83 billion) growth fund backed by additional tax revenue from the semiconductor boom, as he sought parliamentary approval for next year’s record 820.9 trillion won budget. Speaking at the National Assembly, Lee also outlined 21.3 trillion won for artificial intelligence (AI) and three megaprojects, along with 13.8…
President Lee Jae Myung emphasized a proposed 162 trillion won ($120.83 billion) growth fund, supported by additional tax revenue from the semiconductor boom, during his proposal for the 820.9 trillion won budget for the upcoming year. At the National Assembly, he detailed 21.3 trillion won for artificial intelligence (AI) and three megaprojects, alongside 13.8 trillion won for 10 next-generation strategic technology sectors.
Lee committed to enhancing welfare assistance, including automatic access to key benefits for qualifying beneficiaries and increased livelihood payments. He affirmed, "The new fund will function as a strategic investment platform facilitating growth recovery and an innovative fiscal stabilization tool to navigate the growing volatility of tax revenues."
Regarding technological investments, he disclosed, "We will allocate 21.3 trillion won, nearly double the present year's amount, to AI and the three megaprojects—semiconductors, physical AI, and AI data centers." "We will invest 13.8 trillion won in the ten upcoming strategic technologies," he concluded.
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.
