rki.news | Source: Anadolu
South Korea’s government on Monday proposed a record $614.5 billion budget for 2027, prioritizing artificial intelligence (AI), semiconductors and emerging technologies to strengthen economic growth.
Addressing parliament, President Lee Jae Myung said the proposed budget, 12.8% higher than this year’s allocation, would enhance technological competitiveness and ensure wider economic benefits.
Around $16 billion is earmarked for AI, semiconductor manufacturing, data centres and related projects. A proposed $121.5 billion Future Response Fund will support young people, emerging industries and regional development.
The budget also includes an 8.2% increase in defence spending to approximately $54.9 billion. Lee highlighted plans to strengthen military self-reliance, acquire nuclear-powered submarines and KF-21 fighter jets, and develop AI-powered defence systems.
He also called for an early transfer of wartime operational control from the United States to South Korea.
Opposition lawmakers raised concerns over increasing national debt and protested the spending proposals.
Lee urged parliament to approve the budget by the statutory December 2 deadline.
South Korea Proposes Record Budget to Accelerate AI Development
