Singapore: President Lee Jae Myung announced South Korea's plan to collaborate with Singapore in creating a global investment fund aimed at securing US$300 million for startups and the artificial intelligence (AI) sector by 2030. This declaration was made during the AI Connect Summit in Singapore, attended by company and government officials and AI experts from both nations.
According to Yonhap News Agency, President Lee emphasized the transformative impact of AI, highlighting the necessity for South Korea and Singapore to collaborate given their world-class AI capabilities. During his state visit, which included talks with Singaporean Prime Minister Lawrence Wong, Lee expressed a vision for the two countries to take the lead in specialized AI sectors, despite the current dominance of the United States and China in the global AI industry.
President Lee outlined the complementary strengths of South Korea and Singapore in AI, noting Korea's expertise in semiconductors and AI manufacturing, and Singapore's advanced governance and regulatory frameworks in AI. He proposed evolving bilateral cooperation into a "strategic industrial partnership" to explore new AI-driven markets and enhance their status as leading innovation hubs in Asia.
The South Korean government plans to establish a $300 million "Korea Venture Capital Corporation (K-VCC) global fund" by 2030. The Ministry of SMEs and Startups aims to set up the first offshore global fund in Singapore later this year, targeting $300 million in investments by the end of the decade. This initiative is expected to support promising AI startups and connect global investors with innovative ventures.
In support of this vision, President Lee committed to fostering cross-border joint research and launching collaborative projects and exchange programs. The Ministry of Science and ICT plans to initiate a 50 billion won (US$34.2 million) international joint research program in AI and digital fields over five years starting in 2027, prioritizing projects with Singapore.
Additionally, President Lee endorsed the Korea-Singapore AI Alliance, a private-sector network aimed at promoting collaboration among startups, entrepreneurs, and researchers from both countries. This initiative is seen as the foundation of an open innovation ecosystem, with the South Korean government pledging support for its activities.