Seoul: The government has announced plans to invest a total of 750 billion won (approximately US$502.8 million) over the next two years to commercialize artificial intelligence (AI)-enabled products, as stated by the finance ministry on Wednesday.
According to Yonhap News Agency, the decision was finalized during a meeting of economy-related ministers chaired by Finance Minister Koo Yun-cheol. This initiative is part of a larger blueprint aimed at building a "super-innovation economy" and accelerating an AI-driven transformation of the economy.
The initiative will focus on developing and launching 246 AI products and services, with efforts led by a consultative body involving 11 ministries. A ministry official noted that while AI development has made significant strides, its adoption in real-world applications has not progressed as quickly as anticipated. The allocated budget will prioritize products that can be brought to market within one to two years.
The finance ministry outlined that 613.5 billion won will be allocated this year, followed by 140.5 billion won next year. This year's allocation represents the largest single program within the government's 2.4 trillion-won AI transformation budget.