South Korea plans US$7B investment in AI

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South Korean President Yoon Suk Yeol said on Tuesday his country will invest 9.4 trillion won (US$6.94 billion) in artificial intelligence by 2027. South Korea is trying to keep pace with countries like the United States, China, and Japan. These countries are also providing substantial policy support to strengthen their semiconductor supply chains. Yoon said the goal is for South Korea to be in the top three in AI technology, including chips, and to have a share of more than 10% in the global system semiconductor market by 2030.

In a bid to consolidate its leadership in semiconductor chips, South Korean President Yoon Seok Yeol on Tuesday unveiled a plan to pump 9.4 trillion won (US$6.94 billion) into artificial intelligence programmes by 2027. Semiconductors as a key foundation of South Korea’s export-driven economy The investment plan also includes a separate 1.4 trillion won fund to nurture AI semiconductor companies, aiming to support South Korea’s semiconductor industry in the face of fierce international competition.

Semiconductors are a key pillar of South Korea’s export-oriented economy, with chip exports soaring to a 21-month high of $11.7 billion in March, accounting for nearly a fifth of the country’s total exports. “Current competition in semiconductors is an industrial war and an all-out war between nations,” Yoon told a meeting of policymakers and chip industry executives on Tuesday.

Also read: South Korean President Yoon Suk Yeol and Japan’s Fumio Kishida set for tech cooperation roundtable South Korea’s future plans for semiconductors South Korea plans to significantly expand research and development of artificial intelligence chips such as artificial neural processing units (NPU) and next-generation high-bandwidth memory chips through designated investments and funds, according to a government statement. Additionally, South Korean authorities plan to advance the development of next-generation artificial general intelligence (AGI) and safety technologies, aiming to surpass existing models.

Yoon has a very ambitious vision for Korea in AI, setting a goal of being among the top three in AI technology, including chips and taking a 10% or higher share of the global system semiconductor market by 2030. Comparable to Korea’s dominance in memory chips over the past three decades, he expressed confidence in Korea’s ability to build a new semiconductor legacy driven by AI innovation. “Just as we have dominated the world with memory chips for the past 30 years, we will write a new semiconductor myth with AI chips in the next 30 years,” Yoon said.