National Assembly Speaker Cho Jung-sik urged Park Hong-geun, Minister of Economy and Finance, to develop bold investment strategies to capitalize on the booming artificial intelligence (AI) semiconductor sector and K-culture. He emphasized the need for these investments to stimulate potential growth and foster future development.
During their meeting at the National Assembly, Cho praised Park for effectively managing a supplementary budget of 26 trillion won since his appointment in March, which he said significantly contributed to economic vitality and recovery. "You have set an exemplary case of proactive fiscal policy," Cho remarked.
In response, Park noted that discussions on next year's budget have begun across various ministries. He highlighted the importance of making effective investments, especially given the surplus revenue from the semiconductor boom, while also pursuing the highest level of spending efficiency in history.
Park pointed out that changes may be necessary in the budget formulation process and the subsequent review and settlement stages in the National Assembly, stating, "The settlement process is currently taking too long."
He also expressed concern that some lawmakers are struggling with the requirement to submit budget estimates for legislation involving fiscal implications.
In reaction, Cho observed that the number of bills introduced in the 22nd National Assembly has increased compared to the previous assembly, indicating a high level of 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, Chief Spokesperson Jang Hyun-joo told reporters that both Cho and Park agreed on the need to enhance the quality of budget estimate reports. They also discussed the importance of improving systems to ensure that the results of previous year settlements are accurately reflected in the following year's budget.
* This article has been translated by AI.
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