South Korea plans to launch a Future Fund next year using additional tax receipts tied to the semiconductor boom to finance strategic investment and help stabilize public finances, Vice Budget Minister Cho Yong-beom said Thursday.
Cho spoke at a policy symposium in Seoul hosted by the state-run Korea Institute of Public Finance. The Ministry of Planning and Budget said Cho called the proposal “fiscal innovation” and “a platform for strategic investment.”
The fund is intended to turn extra revenue from this year’s chip industry boom into future opportunities and support fiscal stability. Cho said the government had designed it to direct the receipts toward those aims instead of one-time spending.
A general account would oversee the fund’s resources, while four program accounts would cover education and talent development, regional development, growth engines and youth. Cho said central and regional governments, as well as current and future generations, could contribute to its development.
The government plans to manage the fund carefully and transparently. Its planned launch is next year.
