Seoul, Nov 2 (IANS) President Lee Jae Myung on Monday pledged bold investment in artificial intelligence (AI) and other future growth engine industries to boost South Korea’s economic growth potential and ensure what he called “growth for all.”
Lee made the pledge in a speech at the National Assembly, where he called for bipartisan support for the passage of the 2027 budget bill.
“The 2027 budget bill is one that will make South Korea a leader and secure its dominance in the future while turning national growth into growth for the people,” the president said, reports Yonhap news agency.
“It will lay the foundation for a great leap forward and allow all people to share in the opportunities and fruits of growth by intensively investing in future growth engines and narrowing gaps,” he added, calling for a transition to “growth for all.”
The government submitted the budget bill to the National Assembly in September, proposing 820.9 trillion won (US$614.5 billion) in total government spending next year, up more than 10 percent from this year, amid expectations of increased tax revenue stemming from the semiconductor boom.
“In order to boost the growth potential, which is the basic physical strength of our economy, (the government) will boldly invest in AI and future growth engines,” Lee said.
Under the largest-ever budget bill, the government plans to establish the 160 trillion-won Future Fund aimed at supporting younger generations, promoting economic growth engines and boosting regional development.
The president called the fund a strategic investment platform that will buttress a rebound in the country’s growth potential and help reduce deep social gaps.
“The total 2027 expenditures of 820.9 trillion won mark the biggest-ever fiscal investment, representing a 12.8 percent increase, the biggest (annual) growth on record,” he said, adding the expanded spending reflects higher living standards South Koreans deserve and the need to strengthen the country’s future capabilities.
The government, in particular, will inject 21.3 trillion won into building a semiconductor manufacturing hub and data centres, developing physical AI and promoting AI under its “three megaprojects,” the president noted.
With a separate allocation of 4.6 trillion won, the government will seek to acquire a sovereign AI model with the world’s highest performance, while 13.8 trillion won will be spent to secure absolute competitiveness in 10 strategic technology sectors that will spearhead future economic growth, according to Lee.
—IANS
na/
