President Lee Jae Myung Pledges Semiconductor Tax Windfall for New Growth Engines

South Korean President Lee Jae Myung marked the first year of his presidency by promising to intensify investment in new engines of growth and to use some of the country’s excess tax revenue, boosted by the semiconductor boom, for broader public benefit, according to Bloomberg. The pledge underscores Lee’s effort to widen South Korea’s growth base beyond chips at a time when the economy remains heavily tied to one of its strongest export sectors.