President highlights growth fund as he seeks parliamentary backing for record budget
President Lee Jae Myung delivers an address on the 2027 budget at the National Assembly in Yeouido, Seoul, Monday. Yonhap
President Lee Jae Myung on Monday highlighted a proposed 162 trillion won ($120.83 billion) growth fund backed by additional tax revenue from the semiconductor boom, as he sought parliamentary approval for next year’s record 820.9 trillion won budget.
Speaking at the National Assembly, Lee also outlined 21.3 trillion won for artificial intelligence (AI) and three megaprojects, along with 13.8 trillion won for 10 next-generation strategic technology fields.
He pledged expanded welfare support, including automatic access to major benefits for eligible recipients and higher livelihood payments.
Lawmakers listen to President Lee Jae Myung’s speech on the 2027 budget at the National Assembly in Yeouido, Seoul, Monday. Yonhap
“The new fund will serve as a strategic investment platform supporting a recovery in potential growth, as well as an innovative fiscal stabilization mechanism to manage increasingly volatile tax revenues,” he said in his speech before the lawmakers.
On technology investment, he said, “We will invest 21.3 trillion won, nearly twice this year’s amount, in AI and the three megaprojects — semiconductors, physical AI and AI data centers.”
“We will invest 13.8 trillion won in the next 10 strategic technology fields that will drive future growth, securing an overwhelming competitive lead,” he added.
The president asked lawmakers to approve next year’s budget proposal and accompanying legislation by Dec. 2, the deadline set by law.
It was Lee’s fourth budget address since taking office, following speeches on supplementary budgets in June 2025 and April this year, and the 2026 budget in November last year.