South Korea's President Lee vows tech investment and chip tax fund

President Lee Jae Myung marked the first anniversary of his inauguration by announcing a government drive to achieve "absolute competitiveness" in advanced technologies. He said all government and private‑sector resources would be mobilised for a large‑scale investment programme that will expand South Korea’s growth strategy beyond the semiconductor sector.

Lee also indicated that excess tax revenue generated by the semiconductor boom will be used for long‑term investments to raise the country’s growth potential. He warned that compulsory profit‑sharing for corporations or basic‑income schemes could deter investment and impact the global trade order. In addition, Lee pledged a crackdown on stock‑price manipulation and real‑estate crimes, and reaffirmed the goal of securing nuclear‑powered submarines and strengthening security on the Korean Peninsula.