South Korea proposes record $597 billion 2027 budget to supercharge AI investment
The plan includes 2.6 trillion won for semiconductors, 2.6 trillion won for AI demos and 3.4 trillion won for strategic weapons, officials said.
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10 Articles
South Korea proposes record $597 billion 2027 budget to supercharge AI investment
South Korea on Tuesday unveiled its most aggressive fiscal spending plan on record, setting total government expenditure for 2027 at 821 trillion won ($596.92 billion) to strengthen the country's technological edge amid the global AI race.
President Lee Jae-myung stated on the 1st, “Next year’s budget bill must serve as a solid stepping stone to propel the Republic of Korea into a leading nation with a super-gap.” During a Cabinet meeting held at the Blue House on that day, President Lee said, “The world is currently facing a critical turning point in the industrial order. The artificial intelligence (AI) revolution and the great energy transition, writing
Lee to preside over Cabinet meeting on 2027 government budget proposal
President Lee Jae Myung was set to preside over a Cabinet meeting Tuesday to review and approve the government's budget proposal for next year. The Lee government is seeking to draw up a budget exceeding 800 trillion won ($584.1 billion) for next year, up 10 percent or more from this year, amid expectations of increased tax revenue stemming from a semiconductor boom. By law, the government is required to submit its budget proposal to the Nationa…
The government has drawn up a budget of 9.2417 trillion won for next year. This represents an increase of 4.5901 trillion won (98.7%) compared to this year's budget. The plan is to concentrate resources on expanding investment in high-tech industries, supporting microfinance, and helping young people build assets. On the 1st, the Financial Services Commission announced the budget proposal for the 2027 fiscal year containing these details. The pr…
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