South Korean companies to spend $48.9 billion on AI by 2027, new national AI computing center

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South Korea is pushing all-in with AI, with South Korean companies pledging to invest a combined 65 trillion won (around $48.9 billion USD) into AI development by 2027 in order to better compete with the global leaders in AI, the presidential office said on Thursday.

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The investment plan was announced during an inaugural meeting of the presidential committee on AI, which was launched to create an AI strategy and coordinate AI research and development efforts, said Park Sang-wook, the presidential secretary for science and technology.

In the meeting, he called for collaborate efforts between the South Korean government and private sector for the country to become one of the top three global leaders in AI by 2027. He said: "It is a time when AI determines national capabilities and economic growth, becoming a key factor in the economy and security. The world's major nations are staking everything on securing AI technology and leadership to win the digital supremacy competition".

He continued: "We will establish a national AI computing center through private-government investment and to drive the AI transformation across industries and society, encouraging further private sector investment in AI".

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