Acting President Choi Sang-mok speaks at a meeting with the governor of the Bank of Korea and the heads of the Financial Services Commission and the Financial Supervisory Service at Government Complex Seoul, Friday. Courtesy of Ministry of Economy and Finance

Acting President Choi Sang-mok will submit a bill to the National Assembly in March, outlining plans for a new government fund worth more than 34 trillion won ($23.5 billion) to support the high-tech industry, he said Friday.

The move comes amid growing uncertainties over the U.S. administration's new tariff policy and challenges posed by China's artificial intelligence (AI) company, DeepSeek.

Earlier this week, Choi vowed to support the battery and biotechnology industries with the establishment of the fund, which will be twice as large as the existing 17 trillion won semiconductor financial support program.

If established, the fund is expected to offer various forms of support, including low-interest loans and equity investments, in strategic sectors. It will also provide assistance to small and medium-sized businesses involved in advanced technologies related to materials, components and equipment.

"The country's financial and foreign exchange markets face greater uncertainties due to global factors such as the imposition of new tariffs by the U.S. administration and the DeepSeek shock. Each institution needs to closely assess the economic impact of U.S. tariffs on domestic markets and set up a 24-hour task force to monitor their effect on the real economy," Choi said during a regular economic meeting, Friday.

The meeting was attended by the Bank of Korea governor and the heads of the Financial Services Commission and the Financial Supervisory Service.

Choi told them, "As we need urgent action to survive potential tariff threats, please be proactive and prepare a plan for establishing the fund to submit to the National Assembly in March."

He also urged the prompt passage of the Semiconductor Special Act as well as power and energy legislation, adding that strengthening industrial competitiveness can only succeed with the cooperation of the National Assembly.

"The government will work closely with political parties to facilitate the bill's passage during the February provisional session of the National Assembly," he said.

The revised bill includes provisions for corporate tax reductions for high-performing companies, as well as a separate taxation scheme for dividend income earned by investors in these firms.

As part of the government's Corporate Value-up Program launched last year, the bill aims to encourage listed companies to enhance their market valuation and improve the local stock market performance.

Choi will also convene an emergency meeting with AI experts on Feb. 20 to discuss the economic impact of DeepSeek and regulations on such technology.

DeepSeek has raised concerns about excessive user data collection and the potential risks of information leaks.

The Personal Information Protection Commission (PIPC) issued a warning, Friday, regarding the ongoing security concerns.

"Due to security concerns surrounding DeepSeek, including the potential for personal information leaks, we advise using it with caution," the PIPC said during a press briefing.

Government ministries have been blocking internal access to the AI service amid concerns over the startup's data management practices.