South Korea Plans to Establish Future Fund with Semiconductor Industry Tax Revenue

BlockBeats News, July 5th. Kang Hoon-sik, Chief of Staff to the President of South Korea, stated on Sunday that the government plans to establish a Future Fund using additional tax revenue generated by the semiconductor industry's prosperity. The fund will be used to invest in economic growth engines, support the younger generation, and address the growing social inequality. The government will utilize the "Future Response Fund" to provide financial support for major national investment projects and enhance the country's long-term competitiveness. Kang Hoon-sik said, "At this crucial juncture that will determine Korea's future, we cannot afford to waste the additional tax revenue from factors such as the semiconductor boom."

He noted that the fund will be used to support the government's three "super projects," nurture new growth engines, address what he referred to as the "K-shaped" economic dualism, and provide housing, entrepreneurship, and employment support for the population aged 20 to 39. The proposed fund is a cornerstone in realizing President Lee Jae-myung's goal of making Korea indispensable globally and urges the government to closely collaborate with the ruling party to swiftly advance. (FXStreet)