South Korea's 2027 Budget Proposal Includes First-Ever Funding for Domestic Nuclear Submarine Development
The South Korean government approved its 2027 budget proposal, with total government spending reaching 820.9 trillion won, approximately 95.6 trillion yen, marking a 12.8% increase from the previous year and setting a record high. The budget proposal has been submitted to the National Assembly for review. President Lee Jae-myung presided over a cabinet meeting at the presidential office on September 1, where the budget proposal was reviewed and approved. Under the plan, the South Korean government intends to increase investment in growth-oriented industries, with approximately 2.5 trillion yen allocated to infrastructure development related to semiconductor manufacturing and artificial intelligence, nearly doubling the scale of the previous year. On the revenue side, the South Korean government expects that as AI demand continues to grow and major semiconductor companies see improved performance, corporate income tax and personal income tax revenues will increase significantly.
2026-09-02