Seoul:South Korea's vice budget minister announced on Thursday the introduction of a Future Fund, slated for launch next year. The fund will be supported by sources such as windfall tax revenue from chipmakers and is aimed at serving as "fiscal innovation" to foster future growth.
According to Yonhap News Agency, Vice Budget Minister Cho Yong-beom discussed this initiative during a policy symposium on the Future Fund, organized by the state-run Korea Institute of Public Finance in Seoul. He described the fund as "a platform for strategic investment," emphasizing its role in transforming additional tax revenue from the semiconductor industry boom into long-term opportunities rather than one-off expenditures.
The government plans to manage the Future Fund with careful and transparent practices. It will involve contributions from both regional and central governments, as well as current and future generations, to aid in its development and sustainability.
The Future Fund will be structured with a general account for financial management and four specific program accounts targeting youth, growth engines, regional development, and education and talent development.