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South Korea Proposes New Sovereign Wealth Fund

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South Korea will establish a new sovereign wealth fund with allocation of more than 20 trillion won, the Ministry of Finance and Economy said Friday.

The fund will have long-term investments in strategic industries such as AI, robotics and semiconductors, among others, the ministry said.

The government will create the fund through a "strategic investment account" in national wealth fund Korea Investment, according to the ministry's statement.

The ministry will forward the proposal to the National Assembly in August, aiming for an approval within the year.

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