On June 22, National Assembly Speaker Cho Jung-sik urged Minister of Economy and Finance Park Hong-geun to develop bold investment strategies to harness the booming artificial intelligence semiconductor industry and K-culture in South Korea, aiming to stimulate potential growth and future development.
During their meeting at the National Assembly, Cho praised Park for efficiently managing a supplementary budget of 26 trillion won since his appointment in March, stating it significantly contributed to revitalizing the economy and aiding recovery. "This is a model case of proactive fiscal policy," Cho remarked.
In response, Park noted that discussions on next year’s budget are underway across various government departments. He emphasized the need for proper investments, given the record high spending and surplus revenue from the semiconductor boom. "We must ensure that we invest wisely," he said.
Park also pointed out that there are areas in the budget formulation process that require changes, particularly regarding the timeliness of audits and settlements. "The settlement process is currently too delayed," he stressed.
He expressed concern that some lawmakers are struggling with the requirement to submit budget forecasts for legislation involving fiscal implications.
In response to Park's comments, Cho observed that the number of bills introduced in the 22nd National Assembly appears to be higher than in the previous assembly, indicating a strong enthusiasm among lawmakers. He assured that efforts would be made to ensure that proposed legislation is both rational and effective through collaboration with the government.
After the closed-door meeting, Chief Spokesperson Jang Hyun-joo told reporters that both Cho and Park shared a consensus on the need to strengthen the budget forecasting process and expressed hope that the previous year's settlement results would be reflected in the upcoming year's budget.
* This article has been translated by AI.
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