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Market Chatter: South Korea's President Vows to Raise Investment in Future Growth Sectors

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South Korean President Lee Jae Myung announced plans to use excess tax revenues from the semiconductor sector to fund new growth industries, Bloomberg News reported Monday, citing a press conference marking Lee's first anniversary as president.

The goal is to reduce the country's long-term reliance on microchips and build global competitiveness across other technology sectors, the report said.

Highlighting this economic shift, President Lee nominated Han Seong-sook, the current Minister of SMEs and Startups and former CEO of internet company Naver (KRX:035420), as the country's next Prime Minister, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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