Deputy Prime Minister Koo Yun-cheol Advocates for Use of Surplus Tax Revenue

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Deputy Prime Minister Koo Yun-cheol, Minister of Economy and Finance. [Photo=Ministry of Economy and Finance]

Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, stated on June 15 that surplus tax revenue should be utilized to prepare for the future and to support those in need to alleviate polarization. During his appearance on the Ministry's YouTube channel, "Policy Talk Show: Bold Briefing," Koo shared his views on current issues, including surplus tax revenue. "While a strong economy can lead to increased tax revenue, tax income can fluctuate," he said. "We must support those in need to ensure they can live well, while also preparing for the future and addressing polarization." He added, "We need to provide startup funds for young people so they can pursue their dreams and start businesses. We will ensure that resources are used effectively for future preparedness and current polarization alleviation." Koo projected that demand for memory semiconductors will increase due to the AI transformation. He noted, "Currently, the demand for memory is driven by data centers, but we may see additional demand for memory semiconductors in areas like physical AI." In response to concerns about a semiconductor bubble and market concentration, Koo acknowledged the high proportion of semiconductors in exports but countered, "Exports of computers are also performing well." He highlighted that other sectors, including ships, general machinery, biotechnology, health, secondary batteries, defense, K-content, and K-food, are also excelling in exports, stating, "Even kimchi is exported in the trillions of won." Finally, Koo emphasized, "The direction of the Ministry of Economy and Finance's economic policy is to move beyond semiconductors. We aim to develop second and third types of semiconductors that can match memory semiconductors."

* This article has been translated by AI.