South Korea's Ministry of Planning and Finance said on Friday that South Korea will establish a “future fund” to build on the increase in taxes brought about by the current boom in the artificial intelligence industry — what the government calls unexpected excess fiscal revenue, to drive long-term economic growth. The Ministry of Planning and Finance, in conjunction with relevant government departments, announced the plan, saying that the artificial intelligence industry has brought not only a technological revolution, but also promoted major transformations in many fields such as the economy and social systems. The Ministry of Planning and Finance said, “Driven by the boom in the global chip industry, corporate tax revenue has increased, and domestic tax revenue is expected to rise sharply.” The department added, “We should use the financial resources obtained in the current situation as a valuable bargaining chip to seize the opportunity in the global competition for technological supremacy.”

South Korea's Ministry of Planning and Finance said on Friday that South Korea will establish a “future fund” to build on the increase in taxes brought about by the current boom in the artificial intelligence industry — what the government calls unexpected excess fiscal revenue, to drive long-term economic growth. The Ministry of Planning and Finance, in conjunction with relevant government departments, announced the plan, saying that the artificial intelligence industry has brought not only a technological revolution, but also promoted major transformations in many fields such as the economy and social systems. The Ministry of Planning and Finance said, “Driven by the boom in the global chip industry, corporate tax revenue has increased, and domestic tax revenue is expected to rise sharply.” The department added, “We should use the financial resources obtained in the current situation as a valuable bargaining chip to seize the opportunity in the global competition for technological supremacy.”