Govt policy chief calls for AI profit sharing
Kim Yong-beom, President Lee's chief of staff for policy, calls for sharing excess tax revenue from business giants like Samsung and SK hynix, generated by global chip demand. The proposal was inspired by Norway's sovereign wealth fund based on oil revenues. Kim warns that without it, inequality will worsen. After markets react negatively to the proposal, presidential office says Kim’s views are personal.
Seoul (AsiaNews/Agencies) – South Korean presidential chief of staff for policy Kim Yong-beom has proposed a national dividend policy to redistribute to the population part of the excess tax revenue generated by South Korea's artificial intelligence boom.
The idea comes amid the unprecedented growth of South Korean tech giants, such as Samsung Electronics and SK hynix, driven by global demand for advanced AI chips.
In a Facebook post, Kim argues that AI profits are not the exclusive product of private companies, but the fruit of decades of collective investment and national industrial development.
“The fruits of the AI infrastructure era are not the outcome of individual companies alone, but are built on the industrial foundation that the entire nation has accumulated over the past half-century,” Kim writes.
In his view, a portion of the wealth generated should be "structurally returned to all citizens," transforming the fiscal surplus resulting from the excess profits of technology companies into a tool for welfare and social development.
One possible use of the excess tax revenue is support for youth startups, better pensions, basic income in rural areas, aid for artists, and training programmes to address the transition to an AI economy.
The proposal is partly inspired by the model of Norway's sovereign wealth fund, created in the 1990s to redistribute oil revenues to the population.
"Part of those fruits should be structurally returned to all citizens. That is the legitimacy and principle of the new policy design," Kim writes.
His remarks come amid growing public debate in South Korea over the distribution of profits from big hi-tech companies.
Samsung unions are threatening strikes to obtain higher bonuses, similar to those promised by SK hynix to its employees, while calls are growing online for the excess profits of big corporations to be shared with the whole society, especially since many of these companies have benefited from incentives and state support.
Kim stressed that South Korea is transitioning from a traditional economy based on cyclical exports to what he calls a "technology monopoly economy”, thanks to the country's ability to produce strategic components such as semiconductors, batteries, and displays.
“This is not merely a matter of industrial competitiveness. In an era when supply chain sovereignty has become a key factor in national strategy, such manufacturing capabilities amount to geopolitical leverage,” he explained.
The proposal is part of the "basic society" vision promoted by President Lee Jae Myung's administration, which aims to ensure a minimum standard of living for all South Koreans.
Kim warns that AI-related profits risk exacerbating social inequality and economic polarisation. However, a few hours after his statement was posted, the presidential office issued a statement, distancing itself from the proposal, noting that Kim’s views were personal, not official government policy.
The market reaction was immediate. The South Korean stock market lost more than 5 per cent in a single day, while shares of Samsung Electronics and SK Hynix fell significantly before recovering some of the losses, following the presidential office’s clarification.
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