In brief
South Korea announced plans to double AI and semiconductor spending to a record $16 billion by 2027. President Lee Jae‑Myung said the government would invest 4.7 trillion won on flagship AI projects and use the boost to strengthen economic growth. The move is part of a broader strategy to cultivate future growth engines.
South Korea announced on Nov. 2 that it will double its AI and semiconductor spending to a record $16 billion by 2027, according to an official statement from the Seoul government.
President Lee Jae‑Myung outlined the plan at a press briefing in Seoul, urging the country to become a global leader in artificial intelligence. He said the budget increase would fund a 4.7 trillion‑won investment aimed at developing a national AI model regarded as a strategic asset.
Lee also explained that the expanded spending would be part of a wider effort to stimulate economic growth. He described the AI and semiconductors as key "growth engines" for future prosperity and pledged to channel funds into research and development, talent training, and infrastructure.
The announcement follows South Korea’s ongoing focus on digital innovation and its goal to shoring up competitiveness in high‑tech industries. The government will use the additional resources to support flagship projects that could position Korea next to the United States and China in AI leadership.
Industry analysts expect the new budget to accelerate projects across the technology ecosystem, from chip manufacturing to data‑centralized services, potentially creating thousands of high‑skill jobs in the next few years.
