Budget Minister Park Hong-geun (C, front) speaks during a press briefing held in Seoul on Friday. Photo by Yonhap
South Korea will launch the "Future Fund" to promote long-term economic growth, using what the government calls "windfall revenue" from increased tax collection driven by the recent artificial intelligence (AI) boom, the budget ministry said Friday.
The Ministry of Planning and Budget unveiled the plan in partnership with relevant government agencies, saying the AI industry has sparked a major transition across various areas, from the economy to social systems, beyond just a technological revolution.
"Amid the global chip boom, domestic tax revenue is expected to rise sharply, driven by an increase in corporate tax revenue," the budget ministry said.
"We need to use the fiscal capacity secured under the current circumstances as valuable ammunition to take the lead in the global competition for technological supremacy," it added.
