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🇰🇷 South Korea /Elections & Politics

President Lee: Surplus funds should invest in youth, future growth

From Hankyoreh · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

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  • South Korean President Lee Jae-myung stated that surplus tax revenue from the semiconductor boom should be invested in future growth and youth opportunities, not treated as general revenue or used to pay down national debt.
  • He emphasized a focus on long-term investment to restore potential growth rates, particularly in areas like semiconductor development where private investment is insufficient.
  • The president also committed to minimizing inflation and ensuring that the benefits of economic growth are shared by all citizens, with large-scale investment projects to be announced soon.

President Lee Jae-myung outlined a vision for utilizing surplus tax revenue, primarily generated by a booming semiconductor industry, during his first-anniversary press conference. He firmly rejected conventional approaches to managing such windfalls, dismissing the use of surplus funds for general expenditure or debt repayment as "foolish."

Treating it as general revenue for public spending is a foolish act of abandoning fiscal responsibility, and paying off national debt is also foolish.

— President Lee Jae-myungRegarding the utilization of surplus tax revenue from the semiconductor boom.

Instead, Lee advocated for strategic, long-term investments aimed at bolstering the nation's potential growth rate. This includes substantial public investment in new growth engines like semiconductors, areas where private sector involvement is deemed insufficient. The core objective, he stated, is to foster hope for the younger generation by securing future economic prosperity.

We must invest in the future that gives hope to the younger generation.

— President Lee Jae-myungEmphasizing the direction for long-term investment.

Lee also addressed concerns about inflation, pledging to mobilize the nation's full capacity to minimize price increases. He assured the public that the benefits of economic growth would be broadly distributed, hinting at the upcoming unveiling of significant investment projects designed to stimulate the economy and create opportunities.

We will mobilize the nation's capabilities to the fullest to minimize the rate of inflation.

— President Lee Jae-myungAddressing concerns about rising prices.
DistantNews Editorial

Originally published by Hankyoreh in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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