Seoul: The science ministry and three leading mobile carriers in South Korea announced plans to bolster the nation's artificial intelligence (AI) industry by establishing a 300 billion-won (US$215.9 million) investment fund. The initiative aims to enhance the competitiveness of the country's AI sector.
According to Yonhap News Agency, the fund will be partially sourced from the Korea IT Fund, with SK Telecom Co., KT Corp., and LG Uplus Corp. contributing 150 billion won. Private investors will provide the remaining 150 billion won. The Ministry of Science and ICT revealed that 240 billion won of the fund will focus on developing core AI technologies, while 40 billion won will be allocated to AI chip research. An additional 20 billion won will support technology commercialization efforts.
Science Minister Bae Kyung-hoon emphasized the importance of AI technology in driving innovation and highlighted the potential growth opportunities for AI companies through increased investment. Bae also stated the government's intention to collaborate with the private sector, aiming to position South Korea among the world's top three AI powerhouses.