The South Korean government has proposed a record 820.9 trillion won budget that significantly escalates funding for strategic technology, including artificial intelligence, semiconductors, and data centers. This spending push comes as strong global demand for advanced memory chips drove faster-than-expected economic growth in the third quarter for companies like Samsung Electronics and SK Hynix. To counter unequal domestic distribution of these economic gains, the budget introduces a 162.3 trillion won Future Response Fund. This designated fund will reinvest chip-driven tax windfalls into youth initiatives, education, and regional infrastructure projects.
Key points
Record fiscal spending aims to entrench the country's competitive advantage in core compu…: Record fiscal spending aims to entrench the country's competitive advantage in core computing technologies against global rivals.
Economic momentum remains heavily reliant on memory chip manufacturing, leaving other dom…: Economic momentum remains heavily reliant on memory chip manufacturing, leaving other domestic sectors and regions trailing behind.
The state is establishing a dedicated multibillion-dollar fund to redistribute chip indus…: The state is establishing a dedicated multibillion-dollar fund to redistribute chip industry tax gains toward broader social and regional development.
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South Korea’s economy has been heavily boosted by demand for advanced chips used in AI, lifting exports and the earnings of memory chip makers Samsung Electronics and SK Hynix.
SEOUL: South Korean President Lee Jae Myung vowed on Monday (Nov 2) to make bold investments in artificial intelligence to boost the country's economic growth potential, in an address to parliament seeking approval for next year's budget.
"We will invest 21.3 trillion won (US$15.97 billion), nearly twice this year’s amount, in AI and the three megaprojects of semiconductors, physical AI and AI data centres," Lee said.
His administration proposed in September increasing government spending by a record 12.8 per cent next year to 820.9 trillion won aiming to strengthen South Korea’s technological edge as global competition over AI intensifies.
South Korea’s economy has been heavily boosted by demand for advanced chips used in AI, lifting exports and the earnings of memory chip makers Samsung Electronics and SK Hynix.
Asia's fourth-largest economy grew faster than expected in the third quarter on chip exports and investment. From January to October, exports totalled US$930…
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