Gov't bets big on AI, chips to break low-growth cycle, compete in global tech race
The government plans to significantly ramp up investment in artificial intelligence (AI) and semiconductors to prevent structurally low growth from becoming entrenched and strengthen Korea’s position in the global race for technological dominance through its record 2027 budget of nearly 821 trillion won ($599 billion), the Ministry of Planning and Budget said Tuesday. It has designated…
The government has announced plans to significantly increase investment in artificial intelligence (AI) and semiconductors in order to break a cycle of low growth and enhance Korea's standing in the global competition for technological supremacy. The Ministry of Planning and Budget revealed this in the 2027 budget, which is projected to reach nearly 821 trillion won ($599 billion).
The government has identified semiconductors, physical AI, and AI data centers as the three primary focus areas for its large-scale projects to provide extensive support, encompassing essential infrastructure and technology development. President Lee Jae Myung emphasized during a cabinet meeting that the world is experiencing a significant transformation in the global industrial landscape, with the AI revolution, energy transition, and restructuring of global supply chains intersecting to reshape the global economy and industries.
Believing that next year's budget will serve as a solid foundation for Korea to become a global leader in advanced technologies, Lee underscored that Korea is at a pivotal moment, facing a choice between prolonging stagnation or embracing transformation.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
