Seoul – In a press briefing on Wednesday, Lee Hyoung‑il, the nominee for South Korea’s finance minister, outlined an aggressive agenda to accelerate artificial intelligence (AI) development and protect small‑business owners, young workers, and other vulnerable groups.
Three “mega” AI projects to drive growth
Lee announced that the government will swiftly move forward with three large‑scale AI initiatives designed to attract substantial private investment and generate new sources of economic power. The projects, described as “mega projects,” will focus on building advanced AI infrastructure, fostering research partnerships between universities and industry, and creating a national AI talent pipeline.
Leveraging the semiconductor boom for the broader economy
South Korea’s recent surge in semiconductor production has produced a windfall in tax revenue. Lee said the administration will channel this fiscal capacity into policy tools that support “vulnerable sectors,” ensuring that the benefits of the chip boom are not limited to large manufacturers. By directing funds toward small‑ and medium‑sized enterprises (SMEs) and younger workers, the government hopes to prevent a widening gap between high‑tech giants and the rest of the economy.
Fiscal outlook and tax expectations
The finance ministry expects overall tax revenue to rise by 40.7 % next year, with corporate tax collections more than doubling as chipmakers post record profits. This projected increase underpins the budgetary space needed for the AI fund and other long‑term investment programs.
Commitment to pre‑emptive technology spending
Beyond AI, Lee reaffirmed a commitment to expand pre‑emptive investments in advanced technologies, positioning South Korea to maintain its competitive edge in the global AI race. The nominee emphasized that rapid, decisive action is essential to keep the nation at the forefront of innovation.
Implications for families and communities
By targeting support to small businesses and young professionals, the policy package aligns with traditional family values that prioritize economic stability and opportunity for the next generation. The focus on inclusive growth reflects a broader belief that a strong, technologically advanced economy should serve all citizens, not just large corporations.
Lee Hyoung‑il’s statements come as the government prepares to present its most aggressive fiscal spending plan on record for the upcoming year. If confirmed, his tenure could mark a decisive shift toward a technology‑driven growth strategy that balances high‑tech ambition with grassroots economic support.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
