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 is betting heavily on artificial intelligence (AI) and semiconductors to break free from a period of slow growth and enhance Korea's standing in the worldwide tech competition. In its 2027 budget of nearly 821 trillion won ($599 billion), reported by the Ministry of Planning and Budget on Tuesday, the government has earmarked semiconductors, physical AI, and AI data centers as the three key areas for its major projects.
These initiatives will provide extensive backing, from essential infrastructure to technology advancements. President Lee Jae Myung emphasized during a Cabinet meeting that the world is undergoing a significant transformation in the global industrial landscape, with the AI revolution, energy transition, and restructuring of global supply chains converging to reshape the global economy and industries.
As a result, next year's budget is intended to lay a robust foundation for Korea to become a global leader in advanced technologies. The president also noted that Korea stands at a critical crossroads, where it must decide between maintaining protracted stagnation or embracing a future driven by cutting-edge technology.
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.
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