The government is set to establish the “Future Fund,” channeling additional and excess tax revenue generated by the semiconductor boom into long-term investments aimed at strengthening the economy, officials said Friday. The fund, estimated to reach at least 100 trillion won ($72.3 billion), will target four priority areas — supporting young people, developing new growth engines, promoting regional development and nurturing education and talent. The move will also overhaul the way the government allocates funding to education offices and local governments. Both local education grants and local government grants have traditionally been tied to national tax revenue. Under the new framework, however, money will first be set aside for the Future Fund, with both grants calculated under revised formulas. “The fund is intended to support strategic investments aimed at boosting Korea’s potential growth rate while helping stabilize public finances against fluctuations in tax revenue,” Budget Minister Park Hong-geun said during a press briefing attended by Education Minister Choi Kyo-