Singapore: President Lee Jae Myung announced that South Korea will collaborate with Singapore to establish a global investment fund aimed at attracting US$300 million in investments for startups and the artificial intelligence (AI) sector by 2030. This initiative was disclosed during the AI Connect Summit held in Singapore, where officials and experts from both nations convened to explore joint research and investment opportunities in the AI industry.
According to Yonhap News Agency, President Lee emphasized the transformative role of AI in today's world and highlighted the importance of collaboration between South Korea and Singapore, both recognized for their advanced AI capabilities. During his state visit, which also included a bilateral summit with Singaporean Prime Minister Lawrence Wong, Lee underscored the need for the two countries to form a "strategic industrial partnership" to tap into new AI-driven markets and position themselves as Asia's innovation leaders.
The South Korean government plans to support this initiative through the AI Cooperation Framework, with the creation of a $300 million "Korea Venture Capital Corporation (K-VCC) global fund" by 2030. The Ministry of SMEs and Startups is set to establish the first offshore global fund in Singapore in the latter half of this year, aiming to secure $300 million in investments by 2030. This fund will target promising AI startups in both nations and connect global investors with innovative enterprises.
President Lee also committed to fostering cross-border joint research to develop AI technologies addressing critical challenges. The Ministry of Science and ICT plans to launch an international joint research program worth 50 billion won (US$34.2 million) in AI and digital fields starting in 2027, prioritizing projects involving Singapore.
Additionally, President Lee announced the establishment of the Korea-Singapore AI Alliance, a network to facilitate collaboration among startups, entrepreneurs, and researchers from both countries. He assured government support for this initiative, which aims to serve as the foundation for an open innovation ecosystem.