Seoul: President Lee Jae Myung on Tuesday appealed for bipartisan cooperation in passing the government's 2027 budget bill, emphasizing its significance in enhancing the nation's global industrial competitiveness.
According to Yonhap News Agency, the call for support was made during a Cabinet meeting where the government reviewed and approved the 2027 budget proposal. Earlier that day, the government introduced a record-breaking 820.9 trillion-won (US$599 billion) budget for the upcoming year, reflecting an increase of over 10 percent from the current year, amid projections of rising tax revenue driven by a semiconductor boom.
President Lee expressed his desire for comprehensive political collaboration to ensure that the budget bill inspires hope for a brighter future. He highlighted the government's goal to leverage the new budget to create a breakthrough in national growth, thereby enhancing the country's fiscal strength and establishing what he described as a "productive virtuous circle."
Lee stressed the nation's position at a critical juncture, facing a choice between continued low growth or a resurgence in potential growth rates. He emphasized the need for a fiscal strategy that expands economic opportunities and elevates industrial capabilities, ultimately boosting national fiscal power.
In light of global changes, President Lee underscored the necessity for the budget bill to serve as a foundation for South Korea to advance as a leading nation.
By law, the government must submit the budget proposal to the National Assembly at least 120 days before the next year begins, with this year's deadline being Thursday. Lawmakers are expected to finalize the budget by December after conducting a thorough review and making necessary adjustments.