Finance Minister nominee Koo Yun-cheol has pledged to establish a new artificial intelligence(AI) bureau within the finance ministry.

At his confirmation hearing at the National Assembly on Thursday, Koo said the move reflects the Lee Jae Myung administration’s commitment to its campaign pledge to invest 100 trillion won, about 72 billion U.S. dollars, including private capital, to advance the country’s AI ecosystem.

He emphasized that AI could be applied not only to South Korea’s core industries such as shipbuilding and automobiles, but also to emerging sectors like drones and digital courts.

Koo also signaled openness to revisiting the corporate tax cuts introduced under the Yoon Suk Yeol government, saying he would “comprehensively and actively review” the possibility of reverting to the earlier rate of 25 percent.

South Korea’s highest corporate tax rate was cut from 25 percent to 24 percent in 2022, and Koo noted that corporate tax revenue has since declined by 40 percent, weakening public finances.

He stressed the need to secure funding for transformative national initiatives and said the effectiveness of past tax cuts would be thoroughly reevaluated.