South Korean President pledges to make country a leader in AI technology

South Korean President Yoon Suk Yeol aims to position his country as a global leader in new technology, particularly AI chips which are taking over the semiconductor market. During a meeting with industry executives and government officials, Yoon emphasized the importance of expanding South Korea’s capabilities in AI technology to compete on a global scale.

Yoon highlighted South Korea’s existing competitiveness in the hardware and digital sectors, stressing the need to push forward with an AI chip initiative. The government plans to invest 9.4 trillion won ($6.9 billion) in AI and AI chips by 2027, with a 1.4 trillion-won fund to support the growth of AI chip companies.

The chip sector in South Korea has seen a positive trend, with exports amounting to $11.7 billion last month, the highest in 21 months. Yoon assured that the government is closely monitoring the impact of the recent earthquake in Taiwan on global chip supply chains, noting minimal effects on South Korean businesses so far.

In light of efforts by other countries to strengthen their chip supply chains, Yoon emphasized the importance of staying competitive. The US is set to announce plans to support Samsung Electronics’ investments in the chip sector, highlighting the need for South Korea to keep pace with global developments in the industry.