Overview

• Finance Minister Choi Sang-mok unveiled a 12 trillion won supplementary budget proposal, a 2 trillion won increase from earlier plans, to address pressing national challenges.
• The expanded budget allocates over 3 trillion won for disaster recovery following recent wildfires in southeastern South Korea.
• More than 4 trillion won is earmarked to strengthen trade competitiveness, including significant investments in artificial intelligence and semiconductor industries.
• South Korea's semiconductor support package has been raised to 33 trillion won to counter global trade frictions and enhance technological leadership.
• The proposal calls for bipartisan support in the National Assembly to expedite approval, emphasizing the urgency of economic and disaster response measures.