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South Korea to Create 'Future Fund' Using AI and Semiconductor Taxes to Combat Inequality
🇨🇱 Chile /Technology

South Korea to Create 'Future Fund' Using AI and Semiconductor Taxes to Combat Inequality

From Cooperativa · () Spanish

Translated from Spanish, summarized and contextualized by DistantNews.

At a glance

News Official statement New plan
  • South Korea plans to establish a "future fund" using tax revenue from the booming semiconductor and AI sectors.
  • The fund aims to promote future growth and combat rising economic inequality.
  • It will support investments, entrepreneurs, and job creation for young people.

South Korea is preparing to launch a "future fund" financed by tax revenues generated from its thriving semiconductor and artificial intelligence industries. The initiative aims to address the nation's growing economic disparities and stimulate future growth, according to Kang Hoon-sik, the chief of staff to the South Korean president.

We intend to create a fund with additional tax revenues to make bold investments in South Korea's future.

— Kang Hoon-sikChief of Staff to the South Korean President, explaining the purpose of the new fund.

Kang announced the intention to create the fund during a meeting with senior government officials and members of the ruling Democratic Party. He stated that the fund would enable "bold investments in South Korea's future" by utilizing additional tax income. This move comes as the country grapples with the economic polarization characteristic of its "K-shaped" economy, where different sectors and individuals experience vastly different growth rates.

respond to the polarization of the economy "in the shape of K"

— Kang Hoon-sikDescribing the economic situation South Korea aims to address with the new fund.

The "future fund" is specifically designed to counteract this trend by channeling resources into investments and providing support for young entrepreneurs and job seekers aged 20 to 30. The goal is to foster inclusive growth and ensure that the benefits of the AI and semiconductor boom are more widely shared across the population, particularly among the younger generation.

support for entrepreneurs and employment for young people between 20 and 30 years old

— Kang Hoon-sikDetailing the specific beneficiaries and focus areas of the fund.
DistantNews Editorial

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

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