[2024 Mirae Company Forum] Choi Sangmok: "AI is the Engine of All Industries"... Support for Semiconductor and R&D

Accelerating Efforts to Attract Infrastructure and Talent
Over 300 Trillion Won Annual Economic Impact
"Private and Government Must Join Forces," Emphasized

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is delivering a congratulatory speech at the '2024 Asia Future Business Forum' held at Lotte Hotel in Jung-gu, Seoul on the 22nd. Photo by Kang Jin-hyung aymsdream@

The government plans to foster an AI innovation ecosystem by strengthening support for semiconductors and increasing research and development (R&D) investment, aiming to become one of the top three AI powerhouse countries.

Choi Sang-mok, Deputy Prime Minister and Minister of Economy and Finance, stated at the 'Asia Future Enterprise Forum' held on the 22nd at Lotte Hotel in Sogong-dong, Seoul, "We will support enhancing domestic AI competitiveness by reflecting the innovative changes brought by generative AI."

The government is accelerating efforts to become a top three AI powerhouse. It is undertaking bold infrastructure investments and talent acquisition, including expanding AI sector R&D investment by more than 10% and supporting the establishment of super-large AI systems. Deputy Prime Minister Choi said, "We are laying the foundation for a national super-large AI ecosystem led by the private sector and supported by the government."

Choi Sang-mok, Deputy Prime Minister for Economic Affairs and Minister of Economy and Finance, is conversing with attendees ahead of the '2024 Asia Future Business Forum' held on the 22nd at Lotte Hotel in Jung-gu, Seoul. Photo by Kang Jin-hyung aymsdream@

Deputy Prime Minister Choi emphasized, "AI is the engine of all industries," adding, "Private companies and the government must join forces so that AI can realize the dynamism of our economy and become a core element of future national competitiveness."

The government is also proactively leading discussions on establishing a global digital new order. Based on President Yoon Seok-yeol's 2022 New York initiative, it created the world's first 'Digital Bill of Rights,' a charter on the values and principles of a digitally inclusive society.

The day before, the government held the 'AI Seoul Summit,' where it prepared the 'Seoul Declaration' prioritizing safety, innovation, and inclusiveness, and secured agreement from the Group of Ten countries and the European Union (EU).

Deputy Prime Minister Choi stated, "There is an analysis that successfully introducing AI across the country could generate economic effects exceeding 300 trillion won annually over the next three years," adding, "We will accelerate the AI transformation by establishing customized strategies for each domestic industry sector."