Vice budget minister calls Future Fund 'fiscal innovation' for future growth
Vice Budget Minister Cho Yong-beom / Yonhap
Korea's vice budget minister said Thursday the country's proposed Future Fund, set to launch next year with funding sources including windfall tax revenue from chipmakers, will serve as "fiscal innovation" paving the way for future growth.
Vice Budget Minister Cho Yong-beom made the remark during a policy symposium on the Future Fund hosted in Seoul by the state-run Korea Institute of Public Finance, describing the fund as "a platform for strategic investment," according to the Ministry of Planning and Budget.
"Rather than use this year's additional tax revenue from the semiconductor industry boom for one-off spending, we have designed the Future Fund as a platform for strategic investment and a fiscal stabilization mechanism to turn that revenue into future opportunities," Cho said.
Cho said the government will manage the fund carefully and transparently, allowing regional and central governments, along with current and future generations, to contribute to its development.
The fund, meanwhile, will consist of a general account for managing its financial resources and four program accounts covering youth, growth engines, regional development, and education and talent development.