Korea's budget ministry said Wednesday the government will take proactive steps to support domestic artificial intelligence (AI) companies as part of a broader effort to strengthen the country's competitiveness in the sector.
Deputy Minister for Budget Cho Yong-beom made the remark during a meeting with AI startups, including FuriosaAI, held in Seoul, noting his agency will do its part to establish a homegrown AI ecosystem amid intensifying global competition.
"In order to become one of the world's top three AI powerhouses, the next year or two will be a golden opportunity to mobilize the country's capabilities," Cho said.
The deputy minister said Korea plans to allocate 9.9 trillion won ($6.6 billion) this year to secure AI infrastructure, such as graphics processing units (GPUs).
"In the AI semiconductor industry, which is led by a handful of big tech firms, such as Nvidia, it is notable that Korean companies are setting their sights on overseas markets and expanding their technological presence," he said.
Cho said Korea will review fiscal projects related to the AI industry while restructuring spending to ensure budgets are more effectively spent in fostering the AI ecosystem.
Source: Korea Times News
