Seoul: The finance ministry plans to establish a sovereign wealth fund and a special fund for strategic export support next year, as part of efforts to boost the economy, according to Finance Minister Koo Yun-cheol. The announcement was made during a work report to President Lee Jae Myung, where Koo outlined a comprehensive economic growth strategy aimed for completion by the end of January 2026.
According to Yonhap News Agency, the strategy focuses on six key areas, with the creation of a sovereign wealth fund slated for the first half of the year. This fund will draw inspiration from similar institutions in Singapore and Australia. The ministry also intends to implement measures for effective management of state-owned properties, valued at approximately 1,300 trillion won (US$882.3 billion), to expand public housing and support strategic industries such as artificial intelligence and renewable energy.
The strategy includes plans to encourage AI transition, emphasizing physical AI. Minister Koo stated that the government aims to achieve at least 1.8 percent economic growth through proactive fiscal policies and initiatives to boost consumption, investment, and exports. Additionally, a system will be established to monitor the foreign exchange and real estate markets regularly.