South Korea sets up $120 billion fund to invest in AI and high-tech industries

The South Korean government's initiative aims to accelerate the application of AI in many fields and allocate resources to key industries such as semiconductors, next-generation batteries, biotechnology, and energy.

According to South Korea's Yonhap news agency, on September 10, President Lee Jae Myung said the country will establish a public-private fund worth 150,000 billion won (120 billion USD) to support investment in Artificial Intelligence (AI) and other advanced technology industries.

In a meeting in Seoul, the South Korean president announced plans for a “Public Growth Fund” - one of his key economic pledges - and raised the initial proposal from 100 trillion won to 150 trillion won.

According to him, major countries like the US and China are constantly expanding large-scale support for key strategic industries.

The South Korean government's initiative aims to accelerate the application of AI in various fields and allocate resources to key industries such as semiconductors, next-generation batteries, biotechnology, energy, hydrogen, defense, vaccines and robotics over the next five years.

The South Korean president expressed hope that the fund would bring opportunities and profits in emerging industries, pointing to a lack of support for startups and ventures compared to the heavy focus on large conglomerates.

According to him, the government will play the role of "seed capital" for startups through financial support, aiming to attract more private capital.

The fund will include a 75 trillion won government-guaranteed package for strategic industries - expected to launch in December, and 75 trillion won in private sector investment, including direct and indirect financing, government-guaranteed bonds and low-interest loan programs./.

(TTXVN/Vietnam+)

Source: https://www.vietnamplus.vn/han-quoc-lap-quy-120-ty-usd-dau-tu-vao-ai-va-cac-nganh-cong-nghe-cao-post1061011.vnp