The presidential office announced that it is pushing to establish a 'Future Response Fund' to utilize additional tax revenue generated by the AI semiconductor boom as a source of investment for future generations.

Presidential Chief of Staff Kang Hoon-sik said at the 9th high-level party-government-presidential meeting held at the Prime Minister's official residence in Samcheong-dong, Seoul, today (July 5), "The Lee Jae-myung administration intends to pursue the creation of a Future Response Fund to use additional tax revenue as investment capital for future generations."

"At this critical juncture that will determine the future of the Republic of Korea, we must not waste the additional tax revenue generated by the semiconductor boom and other factors," Chief of Staff Kang emphasized.

He explained, "By creating a fund with the additional tax revenue, we intend to make bold investments in the future of the Republic of Korea, including supporting the 'three mega projects' to create future growth engines, addressing the 'K-shaped polarization,' and providing support for housing, startups, and jobs for the youth of the 2030 generation."

He added that "the establishment of the Future Response Fund will serve as a cornerstone for realizing an irreplaceable Republic of Korea," and urged for swift implementation through cooperation between the party and the government.

Regarding the 'three mega projects' announced last week (June 28 – July 4), Chief of Staff Kang evaluated them as "a signal flare for shifting the paradigm of balanced national development through public-private partnerships," and emphasized, "It is not about the existing method of distributing the same industries across the country, but about building world-class industrial clusters based on the strengths of each region."

Mentioning Silicon Valley and the Texas semiconductor belt in the United States, he said, "We, too, must go beyond the limitations of the capital region and create an AI semiconductor innovation ecosystem that fits the industrial base and potential of each region."

Chief of Staff Kang also mentioned, "In addition to semiconductors, the government will actively accept corporate demands and provide full-scale support so that high-tech industries such as bio and aerospace can take a new leap forward in local regions."

To local governments, he stated, "If you devise development plans that align with regional characteristics, the central government will actively respond to ensure that locally-led growth is realized."

(Photo: Yonhap News)