New 50 Billion Won AI and Digital International Joint R&D, AI Alliance
AI Cooperation MOUs Between Universities, Startups, and Public Institutions of Both Countries
The Ministry of Science and ICT and the Ministry of SMEs and Startups announced on the 2nd that, on the occasion of President Lee Jaemyung’s state visit to Singapore, they will establish a cooperation framework with Singapore in the field of artificial intelligence (AI) and begin generating results, in connection with the Korea-Singapore AI Connect Summit held during the visit.
Park Yoon-gyu, President of the National IT Industry Promotion Agency, and Chan Chan, Chief of Singapore Home Team Science and Technology Agency, are taking a commemorative photo after signing a Memorandum of Understanding on AI and digital technology cooperation in public safety on the 2nd at the Singapore Ministry of Foreign Affairs building, attended by President Lee Jae-myung and Singapore Prime Minister Lawrence Wong. Photo by Yonhap News Agency
The Ministry of Science and ICT will launch a new international joint research project in the AI and digital sectors, with a total budget of 50 billion won over the next five years starting next year, prioritizing collaboration with Singapore. To this end, this year, the dedicated AI research and development (R&D) agencies of Korea and Singapore will begin jointly planning research projects.
In addition, the two countries will promote the establishment of the “Korea-Singapore AI Alliance,” a strategic AI cooperation framework for the public and private sectors. Starting with cooperation among AI-dedicated agencies, industry associations, major companies, and universities from both countries who participated in the event, the two countries agreed to jointly foster AI startups and accelerate next-generation AI joint research, talent and company exchanges, and other related activities.
The Ministry of SMEs and Startups announced that it will establish the government’s first overseas global mother fund in Singapore in the second half of this year and gradually expand it to a scale of 300 million dollars (approximately 438 billion won) by 2030, positioning it as a core fund in its venture investment strategy for Asia.
The Ministry expects that the global mother fund will focus on investing in promising startups from both countries in the AI and deep tech sectors and will serve as a bridge connecting global investors with startups from Korea and across Asia.
In addition, seven memoranda of understanding (MOUs) for joint research and industrial cooperation were signed between companies and organizations from both countries, including: ▲ KAIST AI Graduate School and National University of Singapore School of Computing (AI research), ▲ Autonomous A2Z and Singapore NCS, SMRT, and Tongtar (autonomous driving cooperation), ▲ Rablup and Singapore PTCsys and Gnoble (AI HPC infrastructure, industrial AI platforms, and the spread of AI research and education in industry), and ▲ National IT Industry Promotion Agency (NIPA) and Home Team Science and Technology Agency (AI-based public safety).
Baek Kyunghoon, Deputy Prime Minister and Minister of Science and ICT, stated, “Singapore is one of the best partners for collaboration in AI, given its world-class research environment and investment ecosystem. By leveraging the mutual strengths of both countries in AI talent, companies, and technology, we will actively support cooperation to generate synergy so that both nations can achieve their goal of becoming AI powerhouses.”
Han Sung-sook, Minister of SMEs and Startups, said, “Singapore, as a global financial hub, is the optimal gateway and partner for our ventures and startups to make their leap onto the global stage. We will further strengthen the partnership between ventures and startups of both countries and build a venture investment platform to ensure that our ventures, startups, and investors can successfully expand globally.”
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