Tuesday, May 21, 2024
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To stay Competitive in the Semiconductor Industry, South Korea is Planning to Invest $7 Billion on Artificial Intelligence

President Yoon Suk Yeol of South Korea announced on Tuesday that his nation will make 9.4 trillion won ($6.94 billion) in artificial intelligence investments by 2027 in an attempt to maintain its position as the world’s top producer of advanced semiconductor chips.

The announcement, which includes a separate fund of 1.4 trillion won to support AI semiconductor companies, comes as South Korea tries to stay up with nations like China, Japan, and the United States that provide significant policy support to fortify domestic semiconductor supply chains. South Korea’s export-oriented economy is mainly dependent on semiconductors. Chip exports hit a 21-month high of $11.7 billion in March, accounting for over a fifth of all exports from Asia’s fourth-largest economy.

Yoon told legislators and executives from the chip business during a meeting on Tuesday that the current semiconductor competition is both an industrial war and an all-out war between nations.

The government of South Korea announced in a statement that it intends to greatly increase research and development in AI chips, such as artificial neural processing units (NPUs) and next-generation high-bandwidth memory chips, by designating investments and a fund.

Authorities in South Korea will also support the advancement of safety technologies that surpass current models and next-generation artificial general intelligence (AGI).

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Tuesday, May 21, 2024

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