Koo Yoon-cheol, Deputy Prime Minister and Minister of Economy and Finance, stated on July 29 that the tax reform plan to be announced next week will consider enhancing economic vitality, tax equity, and sustainable fiscal foundations.
During his opening remarks at a meeting of the National Assembly's Finance and Economy Committee, Koo emphasized the need to achieve the '3-4-5 economic goals' of 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 stressed the importance of coordinating local-led growth centered on the '5 Extremes and 3 Specialties' to spread the benefits of growth across regions.
He added that efforts will be made to support three major mega projects to achieve the 3% potential growth rate. This includes developing AI capabilities among youth, supporting employment and entrepreneurship, promoting investment and technology development for small and medium-sized enterprises, and enhancing work motivation and income stability for low-income groups.
Additionally, Koo stated that the government will 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 also mentioned plans to modernize treasury management centered on AI and blockchain, while enhancing efficiency and accountability through comprehensive reforms, including strategic restructuring and safety management in public institutions.
During his opening remarks at a meeting of the National Assembly's Finance and Economy Committee, Koo emphasized the need to achieve the '3-4-5 economic goals' of 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 stressed the importance of coordinating local-led growth centered on the '5 Extremes and 3 Specialties' to spread the benefits of growth across regions.
He added that efforts will be made to support three major mega projects to achieve the 3% potential growth rate. This includes developing AI capabilities among youth, supporting employment and entrepreneurship, promoting investment and technology development for small and medium-sized enterprises, and enhancing work motivation and income stability for low-income groups.
Additionally, Koo stated that the government will 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 also mentioned plans to modernize treasury management centered on AI and blockchain, while enhancing efficiency and accountability through comprehensive reforms, including strategic restructuring and safety management in public institutions.
* This article has been translated by AI.
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