South Korea Gets Big on AI for Economic Revival
- Eunyo Hwang
- Nov 19
- 1 min read
Nov 19, 20205
Eunyo Hwang
South Korea is making one of its most ambitious decisions regarding its economy in years, placing artificial intelligence at the very center of its economic strategy. The government recently announced that AI investment will become its first priority, in order to lift the country out of its current period of slow growth.
Officials say that there will be major financial support for the strategy. Currently, potentially reaching 100 trillion won are being prepared to strengthen AI research and support related industries, including robotics, semiconductors, drones, and smart appliances.
This shift stemmed from a complicated moment for the Korean economy. Growth has been losing momentum, and the country faces pressure of an aging population and shrinking workforce. By financially supporting the AI strategy as the top priority, the government hopes to spark new industries, economic benefits, while considering productivity.
While industry leaders welcome the strategy, many experts mention that success will depend on the situation. Training individuals, improving digital infrastructure, and ensuring legitimate regulations will be essential. Still, there are many optimistic opinions on this project.
As South Korea implemented the strategy to catch up the global competition in AI, the nation is expected to compete at the very front.
