National Assembly Speaker Jo Jung-sik urged Minister of Economy and Finance Park Hong-geun on June 22 to develop a bold investment strategy to capitalize on the booming artificial intelligence (AI) semiconductor industry and K-culture, aiming to stimulate potential growth and future development.
During their meeting at the National Assembly, Jo praised Park for efficiently managing a supplementary budget of 26 trillion won since taking office in March, which he said significantly contributed to revitalizing the economy and aiding recovery. "You have set a model for proactive fiscal policy," Jo noted.
In response, Park stated that discussions on next year's budget have begun across various government departments. He emphasized the need for effective investment, particularly given the surplus revenue resulting from the semiconductor boom, while also pushing for the highest level of expenditure efficiency ever.
Park pointed out that there are aspects of the budget formulation process that need to be revised, especially concerning the timing of audits and settlements, which he described as currently too delayed.
He also expressed concern that some lawmakers are struggling with the requirement to submit budget estimates for legislation involving fiscal implications.
In reaction, Jo observed that the number of proposed bills 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 legislation is both rational and effective through collaboration with the government.
After the closed-door meeting, Senior Public Relations Secretary Jang Hyun-joo told reporters that Jo and Park shared a consensus on the need to strengthen the budget estimates and expressed hope that the previous year's settlement results would be reflected in the upcoming fiscal year.
* This article has been translated by AI.
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