Korea finance ministry and OECD discuss AI-driven fiscal investments and governance
On the 26th, Vice Minister of Economy and Finance Lim Ki-geun said, “We will make bold fiscal investments to leap forward as a front-running ultra-innovation nation through the AI great transition and build a virtuous cycle between the economy and public finances,” adding, “We will actively utilize the AI research achievements accumulated so far in the operation of fiscal policy.”
Vice Minister Lim stressed at the 13th Korea-Organisation for Economic Co-operation and Development (OECD) International Fiscal Forum that “the role of global governance in pooling the wisdom of the international community is more important than anything else to establish effective policies for AI development.”
The forum was attended by budget officials from OECD member states and fiscal experts from Korea and abroad, and proceeded in two sessions: ▲ AI and fiscal efficiency ▲ AI investment and the role of fiscal policy.
In the “AI and fiscal efficiency” session, measures were presented to advance revenue and fiscal forecasting by using digital data and AI technology, and to enhance the efficiency and transparency of public finances. France, Estonia, and Korea each shared their cases of building AI-based fiscal decision-making systems and upgrading those systems.
In the “AI investment and the role of fiscal policy” session, the role of fiscal policy for directions of public investment in AI, building an industrial ecosystem, and securing technological sovereignty was discussed as a main agenda item. Experts from each country examined the government's role in AI investment during the development of advanced industries and national strategic industries, and presented plans for global cooperation.
The Ministry of Economy and Finance said it plans to “actively pursue fiscal policy aligned with the era of the AI great transition, based on the policy recommendations of fiscal experts from major OECD countries discussed at this forum.”
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