South Korean finance minister nominee vows to advance AI projects

SEOUL, Sept 2 (Reuters) – South Korea’s finance minister nominee vowed on Wednesday to quickly proceed with “mega projects” for AI investments and actively utilise policy capacity from a global chip boom.

• The pledge follows the government’s unveiling on Tuesday of its most aggressive fiscal spending plan on record for next year, which includes creating a fund for long-term investments, to strengthen the country’s technological edge amid the global AI race.

• “(The government) will swiftly advance three mega projects to generate large-scale investments and growth power,” Lee Hyoung-il said in a meeting with reporters.

• “(The government) will boldly support vulnerable sectors based on policy capacity secured from a semiconductor boom so that young people, small businesses and small- and medium-sized companies are not left out from growth,” Lee said.

• Lee, who was named as the country’s new finance minister on Sunday, also vowed to expand pre-emptive investments in advanced technologies.

• The government expects tax revenue to increase 40.7% next year, with corporate tax receipts more than doubling as chipmakers earn record profits.

(Reporting by Jihoon Lee; Editing by Jacqueline Wong)