South Korea wants to become one of the world's top three artificial intelligence powers

South Korean President Yoon Seok-yue said today, April 9, that South Korea will invest 9.4 trillion won ($6.94 billion) in the field of artificial intelligence (AI) by 2027, with double order to maintain global leadership in cutting-edge semiconductor chip status and become the world's third largest AI power.

Yoon Seok-yul presides over the "Semiconductor Inspection Meeting" at the Yongsan Presidential Office on April 9 / Yonhap News Agency

When Yin Xiyue chaired the "semiconductor labor inspection meeting" at the Yongsan Presidential Palace on the 9th, he said that competition in semiconductors is not only an industrial battle, but also a fight for the country's overall strength.

The South Korean government will review the preferential investment policies for the semiconductor industry and decisively formulate a semiconductor industry support plan that is in line with South Korea's national conditions to build an all-round response system that is not lower than that of wartime.

In particular, Yoon Seok-yue proposed the so-called "Artificial Intelligence Semiconductor Initiative" aimed at exploiting the advantages of the semiconductor market, arguing that the government will work to ensure that South Korea is among the top three countries in the world in the field of AI technology and achieve the goal of exceeding 10% global semiconductor market share in 2030.

To this end, the South Korean government will significantly increase investment in AI semiconductor research and development and establish large-scale funds to support the development of AI semiconductor companies. At the same time, the government will also establish a “National Commission on Artificial Intelligence” directly under the president to promote public-private cooperation in this field.

In January this year, Yoon Seok-yue also announced a plan to build a "giant semiconductor cluster" with a total investment of 622 trillion won during a people's livelihood seminar. During the meeting he stated that the government will ensure that all industrial energy and water needs of the mega clusters are met.

“Just as we have used memory chips to dominate the world for the past 30 years, in the next 30 years we will use artificial intelligence chips to write a new semiconductor myth,” said Yin Xiyue.

CNN said semiconductors are an important foundation for South Korea's export-based economy. In March this year, South Korea's chip exports reached $11.7 billion, the highest level in 21 months, accounting for nearly a fifth of the country's total exports.

Finally, according to an article in the Financial Times on April 8, South Korean Finance Minister Choi Sang-mok said in an interview that South Korean companies compete with China for market share in sectors such as chips, display panels and construction naval forces, and must urgently adapt to increasingly fierce competition from China.

South Korean exporters have benefited from China's economic growth, but now Beijing has become a competitor.