South Korean finance minister nominee vows to advance AI projects

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.