President Lee Jae Myung announced on Monday that South Korea aims to establish a global investment fund in Singapore by 2030, targeting $300 million for startups and the AI sector. This commitment was made during the AI Connect Summit in Singapore, where officials and experts from both countries gathered for collaborative research and investment opportunities. Lee emphasized the need for South Korea and Singapore, known for their strong AI capabilities, to work together in the face of significant AI-driven changes.
Acknowledging the current dominance of the US and China in the global AI industry, Lee expressed optimism that South Korea and Singapore can lead in specialized areas such as AI manufacturing. He highlighted the importance of setting clear goals and enhancing collaboration to strengthen competitiveness in research, development, and new applications. The two countries are looking to leverage their respective strengths to become leaders in AI innovation.
South Korea and Singapore, as tech powerhouses in Asia, are focusing on AI cooperation, with South Korea excelling in semiconductors and AI manufacturing, while Singapore is known for its advanced AI governance and data hub status in Southeast Asia. Lee emphasized the need for strategic industrial partnerships to explore new AI-driven markets and establish the countries as key innovation hubs in Asia.
To support this initiative, South Korea plans to create a $300 million “Korea Venture Capital Corporation (K-VCC) global fund by 2030, with the Ministry of SMEs and Startups set to establish the government’s first offshore global fund in Singapore later this year. The fund aims to invest in promising AI startups from both countries and facilitate connections between global investors and innovative startups. Additionally, there will be support for joint research projects and exchange programs between researchers to develop AI technologies addressing critical challenges.
The Ministry of Science and ICT will launch an international joint research program worth 50 billion won (US$34.2 million) over five years, starting in 2027, with a focus on AI and digital fields, prioritizing collaborations with Singapore.
