Seoul: South Korea will allocate approximately 480 billion won (US$349.1 million) this year to foster the development of innovative products and services centered around artificial intelligence (AI), including AI factories, AI chips, and self-driving cars, as announced by the industry ministry on Wednesday. The Ministry of Trade, Industry and Energy is spearheading this investment to promote the industrial application of AI, aiming to cultivate new growth engines and enhance the country's manufacturing sector.
According to Yonhap News Agency, the ministry has earmarked 62.7 billion won for the development of AI factories, 21.6 billion won for AI chip technologies, and 120.6 billion won for autonomous driving technologies. Moreover, 68 billion won is designated for advanced bio projects, 29.6 billion won for intelligent robot development, and 13.8 billion won for advancements in display technologies.
Additionally, the government plans to establish foundational AI models for small and medium-sized enterprises, facilitating quality inspection, precision control, and other manufacturing processes. It also intends to develop AI models that can anticipate and mitigate impurity generation in the pharmaceutical manufacturing process within the bio industry.
The proposed projects encompass the development of critical components that influence AI performance, such as AI semiconductors and sensors, as outlined by the ministry. "Given South Korea's position as the world's fourth-largest manufacturing powerhouse, the area with the highest potential to lead and gain a competitive edge in the global AI race is industrial AI," the ministry stated, committing to further investments in this domain.