South Korea will invest $7 billion in AI in an effort to maintain its edge in chips

South Korea will invest $7 billion in AI in an effort to maintain its edge in chips

South Korean President Yoon Suk Yeol said on Tuesday his country will invest 9.4 trillion won ($6.94 billion) in artificial intelligence by 2027 as part of efforts to maintain a leading global position in advanced semiconductor chips.

The announcement, which also includes a separate 1.4 trillion won fund to foster AI semiconductor firms, comes as South Korea tries to catch up with countries such as the United States, China and Japan that have also provided massive policy support to strengthen their semiconductor supply chains. own grass.

Semiconductors are the mainstay of South Korea’s export-driven economy. In March, chip exports hit a 21-month high of $11.7 billion, or nearly a fifth of total exports sent by Asia’s fourth-largest economy.

“The current competition in semiconductors is an industrial war and an all-out war between countries,” Yoon said at a meeting of chip industry policymakers and executives on Tuesday.

By allocating investment and funds, South Korea plans to significantly expand research and development in AI chips such as artificial neural processing units (NPUs) and next-generation high-bandwidth memory chips, the government said in a statement.

South Korean authorities will also promote the development of next-generation artificial general intelligence (AGI) and security technologies that go beyond existing models.

Yoon has set a target for South Korea to become one of the top three countries in AI technology including chips, and command 10% or more of the global system semiconductor market share by 2030.

“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.

Yoon also noted that the impact of the recent earthquake in Taiwan, a global leader in semiconductors, on South Korean companies has been limited so far, but ordered close preparations in case of uncertainty.

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