3.5 Trillion Won Investment in AI Sector to Support Robotics, Autonomous Driving, and Cloud Computing

2024-07-30

The South Korean government announced the establishment of a new 'AI Policy Finance
Program' with a budget of 3.5 trillion won (KRW) (approx. 2.7 billion dollars, USD) to
strengthen support for all areas of artificial intelligence (AI) such as cloud computing,
robotics, and autonomous driving. The Financial Services Commission held the 7th Policy
Finance Support Consultative Meeting with government agencies and policy finance
institutions to continue nationwide efforts to promote the widespread use of AI and sharing
ordinary benefits of AI with the public. At this meeting, discussions were held on the
provision of a new funding support plan worth 3.5 trillion won in the field of AI. As the
competitiveness of the AI industry is emerging as a core element of national competitiveness,
with a rapid increase in funding and investment demand in the industry, a loan program worth
3 trillion won (KRW) (approx. 2.3 billion dollars, USD) and a fund worth 500 billion won
(KRW) (approx. 384 million dollars, USD) are being established to address this demand. Mr.
Sang-Hoon Song, the Director of the Information and Communication Policy Office at the
Ministry of Science and ICT, emphasized, "At a time when the mainstreaming of generative
AI is directly linked to national competitiveness, the 3.5 trillion won investment and financial
support will serve as the foundation for South Korea's leap into an AI powerhouse, the AI G3
country, in the future.

Source: https://www.korea.kr/news/top50View.do?newsId=148931103&cateId=subject&type=PMN