South Korean President Lee Jae Myung has announced that a large-scale investment project will soon be unveiled, framing it as a fundamental transformation of the country’s growth strategy. Buoyant tax revenues from Samsung Electronics and SK Hynix, both posting record first-quarter profits on surging AI-driven memory chip demand, are fuelling the initiative. Samsung Securities estimates South Korea could collect an additional 70 trillion won ($46 billion) in tax revenue this year, well above the government’s April estimate of 27 trillion won. Lee pledged to make South Korea the first country to fully integrate AI across industries and echoed the labour minister’s recent call for tech firms to share AI windfall profits with society. He also said South Korea would seek to become the preferred defence partner for nations pursuing self-reliance.
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