President Lee Proposes Future Response Fund Using Additional Tax Revenue
En resumen
- President Lee Jae Myung announced plans to create a "future response fund" using additional tax revenue from the semiconductor boom.
- The fund will invest in future industries, younger generations, regional development, and education to boost economic growth and maintain global leadership in the AI era.
Resumen generado por IA
Por qué importa
The South Korean government plans to utilize increased tax revenue from the current semiconductor boom to establish a "future response fund." This fund is intended for strategic investments in emerging industries and initiatives benefiting younger generations.
By Park Boram
SEOUL, July 13 (Yonhap) -- President Lee Jae Myung said Monday that the government will use additional tax revenue expected from the ongoing semiconductor boom to create a "future response fund" aimed at investing in future industries and policies for younger generations.
The president made the remarks during a meeting on state financial strategies, as the country is expected to collect higher tax revenue thanks to chipmakers' record high earnings driven by the artificial intelligence (AI) semiconductor boom.
"Large-scale additional tax revenue will be used as strategic financial resources to prepare for the future," Lee said, emphasizing that how the country uses such "precious resources" may determine its global leadership in the AI era.
The so-called future response fund will be used to invest in future industries, policies for young generations, regional development and education, according to the president.
"Through these investments, (the government) will help boost the economy's growth potential and ensure that the fruits of (the AI boom) are returned to all people," he said.
Lee described the envisioned fund as a "strategic investment platform" that will ensure bold and sustained investment in the future and help achieve a "great leap forward" with future generations.
As part of its financial strategy, the government will also mobilize all available resources and capacities to ensure its "three megaprojects" initiative is implemented on schedule.
Earlier this month, the government announced the "three megaprojects" initiative aimed at making large-scale investments in the emerging semiconductor and AI industries, including the establishment of a semiconductor manufacturing cluster in the southwestern city of Gwangju.
In pursuing these policies, the government will ensure that no one is left behind, the president said, pledging to significantly strengthen the social safety net to protect young people entering the workforce, as well as those whose jobs are affected by the rise of AI.
"The direction of the financial strategy we discuss today will determine the future of the people for the next 20 to 30 years," the president noted.
Preguntas abiertas
- Specific allocation details of the fund.
- Timeline for fund establishment and investment.
- Potential impact on specific future industries.
