South Korea plans to establish a future fund using tax incentives from the chip industry

Golden Ten Data reported on July 5 that Kang Hoon-sik, Chief Presidential Secretary of South Korea, stated on Sunday that the government plans to use additional tax revenue generated by the semiconductor industry boom to establish a future fund. This fund will be dedicated to investing in economic growth drivers, supporting the younger generation, and addressing the growing issue of social inequality. The government will utilize the “Future Response Fund” to provide financial support for major national investment projects and strengthen the country’s long-term competitiveness. Kang Hoon-sik said, “At this critical juncture that will decide South Korea’s future, we must not waste the additional tax revenue brought by the semiconductor boom and other factors.” He pointed out that the fund will be used to support the government’s three major “super projects,” foster new growth engines, address what he referred to as the “K-shaped” economic polarization, and offer housing, entrepreneurship, and employment support for people aged 20 to 39. The proposed fund is a cornerstone for implementing President Lee Jae-myung’s goal of making South Korea “irreplaceable on a global scale,” and he urged the government and ruling party to work closely together and move forward swiftly.