On the First Day of His New York Visit for the UN General Assembly, President Lee Meets with BlackRock Chairman Larry Fink
Ministry of Science and ICT and BlackRock to Form Task Force for Step-by-Step Investment Portfolio and Implementation Plan
President Lee Jaemyung, who is visiting New York to attend the United Nations (UN) General Assembly, met with Larry Fink, Chairman of the World Economic Forum and Chairman of BlackRock, on the 22nd (local time) to discuss artificial intelligence (AI) and energy transition. They agreed to actively cooperate in making Korea the 'AI capital' of the Asia-Pacific region. In line with this, the Korean government signed a memorandum of understanding (MOU) with BlackRock and decided to form a task force (TF) to gradually establish an investment portfolio and implementation plan.
During the meeting, Chairman Fink stated, "We will actively cooperate by providing funding to help Korea become the AI capital of the Asia-Pacific region," according to Ha Jungwoo, Senior Secretary to the President for AI Future Planning, during a briefing. In response, President Lee welcomed the collaboration to establish Korea as the AI capital of the Asia-Pacific region and emphasized the need to achieve tangible results. President Lee also invited Chairman Fink to visit Korea.
BlackRock is the world's largest asset management company, with assets under management (AUM) totaling 12.5 trillion US dollars (approximately 17,000 trillion Korean won). Along with Microsoft, Nvidia, and xAI, BlackRock has formed the 'AI Infrastructure Partnership (AIP)' to lead global investments in AI and renewable energy infrastructure.
On the same day, the Ministry of Science and ICT and BlackRock signed an MOU to promote global cooperation in the AI industry. The MOU includes provisions to discuss cooperation on domestic AI and renewable energy infrastructure and to jointly seek an integrated approach to respond to future AI demand. It also outlines plans to establish an 'Asia-Pacific AI Hub' in Korea and to set up renewable energy-based AI data centers in the country.
As a result, a 'pilot investment' worth at least several trillion Korean won is expected to be made in the near future. Once the task force between the Korean government and BlackRock is formed, they will discuss the implementation plan and are likely to announce the actual investment amount. Participation in the fund to be created for the investment will also be open to domestic companies.
Senior Secretary Ha explained, "The MOU specifies that over the next five years, we will jointly prepare for large-scale investments needed for the AI-driven renewable energy transition in the Asia-Pacific region." He added, "Based on these discussions, we plan to establish Korea as a trusted hub for global capital and companies in the Asia-Pacific region."
He further stated, "In addition to the semiconductors, batteries, telecommunications, security, and cooling technologies required to build AI data centers, we will combine renewable energy generation, storage devices, and power grids to promote a massive integrated project that enables participation from all domestic companies. Through this, we aim to vitalize the overall national industrial ecosystem and provide an opportunity for domestic companies to enhance their competitiveness in overseas markets."
Given that the world's largest asset management company has decided to directly cooperate with Korea in the fields of AI and renewable energy, it also signifies that Korea has been recognized as a trustworthy investment destination. Senior Secretary Ha noted, "Through the official partnership with the world's largest asset management company, the government will create growth opportunities in key areas such as data centers, renewable energy, and power grids. Korea has been recognized as a reliable investment destination within the international financial ecosystem, and we plan to attract even more global capital in the future." As part of these efforts, he announced that the 'Korea Investment Summit' will be held on the 25th to attract strong interest from global investors.
On the same day, Chairman Fink also expressed his expectations for Korea's economic development, noting that under President Lee's leadership, the Korean stock market has reached an all-time high and the political and economic situation is stabilizing rapidly, according to Senior Secretary Ha. The meeting was attended by Chairman Fink, Adebayo Ogunlesi, Chairman of BlackRock subsidiary Global Infrastructure Partners (GIP), and Kim Yong, former President of the World Bank (WB).
Meanwhile, President Lee plans to emphasize the need for global cooperation and Korea's active role on issues such as AI, energy, and population at the UN General Assembly and Security Council open debate, which will be held starting on the 23rd (local time). In addition, as this year has been designated by the UN as the 'Year of Quantum Science,' Minister of Science and ICT Baek Kyunghoon and Senior Secretary Ha plan to visit the IBM Quantum Research Center to discuss ways to strengthen Korea-US cooperation in the quantum field.
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