Seoul: The state-run Export-Import Bank of Korea (Exim Bank) announced plans to roll out a comprehensive financial support package next month, aiming to provide 20 trillion won (US$13.6 billion) in funding to the artificial intelligence (AI) industry over the next five years.

According to Yonhap News Agency, the package, named the AX program, will offer preferential interest rates for AI-related businesses, invest in advanced strategic industries, and implement support measures for startups. This initiative is part of Exim Bank's efforts to bolster the AI ecosystem and encourage the export of relevant products.

The bank has also signed partnership agreements with three major AI-related companies: LS Electric Co., LG Innotek Co., and HD Hyundai Robotics Co. These partnerships aim to enhance collaboration in the AI sector and promote exports.

Under the agreements, Exim Bank plans to provide tailored financial support for the export of AI-related products such as AI chips, sensors, and energy solutions. Additionally, it will offer export financing and research and development funding to small and mid-sized partner firms involved in the overseas projects of the three companies.