In the rapidly evolving landscape of artificial intelligence (AI), Korea finds itself at a critical juncture, with experts urging the government to adopt a proactive approach to harnessing this transformative technology. As major global powers like the United States and China race ahead in AI development, Korea is urged to carve out its niche and establish a comprehensive national strategy to propel its AI industry forward.
Current status of Korea’s AI development
While Korea boasts numerous companies actively engaged in AI research and development, there’s a consensus among experts that a cohesive national strategy is lacking. Despite AI being recognized as one of the government’s 12 strategic technologies, concrete steps towards fostering a competitive AI ecosystem are yet to be fully realized.
With the global AI race heating, calls for Korea to bolster its AI capabilities have grown louder. Experts emphasize the need for a bold, long-term plan to solidify Korea’s position in the AI arena. Drawing parallels to past successes in carmaking and chipmaking, proponents argue that significant government investment is imperative to drive growth in the AI sector.
In response to mounting pressure, stakeholders advocate for implementing a comprehensive 10-year national AI strategy. Central to this plan is a proposed investment of 2 trillion won ($1.5 billion) to catalyze innovation and foster the emergence of globally competitive AI companies.
Key components of the proposed strategy
The proposed national AI strategy comprises two distinct stages aimed at nurturing the growth of Korea’s AI ecosystem:
Seed funding for AI pioneers
In the initial stage, the government plans to identify two companies aligned with national strategic objectives and provide them with substantial financial support. Each selected company will receive 100 billion won in low-interest loans over five years to fuel their AI initiatives and attract further investments.
Sustained support for industry leaders
Following the initial five-year period, the government will evaluate the progress of the two chosen companies and select one for continued support. The chosen company will receive annual loans of 200 billion won over the subsequent five years, enabling it to scale its operations and emerge as a formidable player in the global AI landscape.
As Korea contemplates its role in the global AI race, the proposed national strategy represents a pivotal step toward securing its position as a key player in the AI industry. By leveraging targeted investments and fostering strategic partnerships, Korea aims to cultivate a vibrant AI ecosystem capable of driving innovation and economic growth in the years to come.
With the AI revolution unfolding at breakneck speed, Korea stands at a crossroads, poised to seize the opportunities presented by this transformative technology. By embracing a bold, forward-thinking approach to AI development, Korea has the potential to emerge as a global leader in the AI landscape, driving innovation, economic prosperity, and societal advancement for years to come. As stakeholders await further developments, the spotlight remains firmly on Korea’s journey towards AI excellence.
