South Korean President promises to triple AI budget. Here's why
&imwidth=600&imheight=450&format=webp&quality=medium "South Korean President promises to triple AI budget. Here's why")
South Korean President Lee Jae Myung Photograph: (AFP file)
South Korean President Lee Jae Myung said he wants the country to be among the top players in the global artificial intelligence race. He said South Korea will increase its investment "to usher in the AI era".
South Korean President Lee Jae Myung said on Tuesday that his government will triple the amount of artificial intelligence spending. He also said in a budget speech that the nation's defence budget wouldsee its highest increase in six years.
The leader said the country will spend $7 billion towards artificial intelligence. He said with the move, his government aims to propel South Korea into the ranks of the world's top three AI powers. Currently, the United States and China have emerged as the pioneers of the artificial intelligence revolution, with their dominance in the global chips, software and energy sectors.
He said South Korea will increase its investment "to usher in the AI era". He released a budget of 728 trillion won, an 8.1 per cent increase from this year.
The budget is likely to be passed by the country's parliament. He said he wants to increase the country's defence budget by 8.2 per cent.
He said he wants the country's military to have state-of-the-art systems suited for the AI era.
He said the country will invest in introducing AI across industry, daily life and the public sector. It will also invest money in talent development and infrastructure building.
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South Korea's AI prowess
South Korean companies like Samsung Electronics and SK Hynix are two of the world's largest chip makers. The two firms manufacture chips essential for AI products and the power-hungry data centres, which are critical for the technology.
Jensen Huang, the CEO of US chip titan Nvidia, announced last week plans to supply 260,000 of the firm's most advanced chips to South Korea.
South Korea is a key US ally. The US stationed 28,500 troops in South Korea to help it fend off military threats from North Korea.