Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, stated on July 29 that the upcoming tax reform plan will focus on enhancing economic vitality, ensuring tax equity, and establishing a sustainable fiscal foundation.
During his opening remarks at a meeting of the National Assembly's Finance and Economy Committee, Koo emphasized the importance of achieving the '3-4-5 economic goals'—a potential growth rate of 3%, becoming a top four exporter, and reaching a per capita income of $50,000.
Koo also mentioned plans to manage inflation within 3% for the second half of the year and to seek responses to changes in employment conditions due to industrial transitions. He highlighted the need for regional-led growth centered on the '5 Extremes and 3 Specialties' to ensure that the benefits of growth are distributed across various regions.
He pledged to fully support three major mega projects to help achieve the 3% potential growth rate, while also focusing on developing youth capabilities in artificial intelligence (AI), supporting employment and entrepreneurship, promoting investment and technology development for small and medium-sized enterprises, and enhancing the motivation and income stability of low-income groups.
Additionally, Koo announced plans to actively pursue the internationalization of the Korean won and strengthen communication with the international community to facilitate inclusion in the Morgan Stanley Capital International (MSCI) developed markets index and the establishment of a global AI hub. He stated that efforts would be made to modernize treasury management centered on AI and blockchain, while public institutions would undergo comprehensive reforms to enhance efficiency and accountability through strategic restructuring and improved safety management.
During his opening remarks at a meeting of the National Assembly's Finance and Economy Committee, Koo emphasized the importance of achieving the '3-4-5 economic goals'—a potential growth rate of 3%, becoming a top four exporter, and reaching a per capita income of $50,000.
Koo also mentioned plans to manage inflation within 3% for the second half of the year and to seek responses to changes in employment conditions due to industrial transitions. He highlighted the need for regional-led growth centered on the '5 Extremes and 3 Specialties' to ensure that the benefits of growth are distributed across various regions.
He pledged to fully support three major mega projects to help achieve the 3% potential growth rate, while also focusing on developing youth capabilities in artificial intelligence (AI), supporting employment and entrepreneurship, promoting investment and technology development for small and medium-sized enterprises, and enhancing the motivation and income stability of low-income groups.
Additionally, Koo announced plans to actively pursue the internationalization of the Korean won and strengthen communication with the international community to facilitate inclusion in the Morgan Stanley Capital International (MSCI) developed markets index and the establishment of a global AI hub. He stated that efforts would be made to modernize treasury management centered on AI and blockchain, while public institutions would undergo comprehensive reforms to enhance efficiency and accountability through strategic restructuring and improved safety management.
* This article has been translated by AI.
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