Seoul: The industry ministry will provide 53 billion-won (US$35.9 million) support this year for projects aimed at building infrastructure for artificial intelligence (AI) factories, officials said Wednesday.

According to Yonhap News Agency, the fund will be provided to projects led by companies participating in the AI factory division of the Manufacturing AI Transformation (M.AX) alliance, as stated by the Ministry of Trade, Industry and Resources. The M.AX alliance, a government-led initiative of major manufacturing and AI companies launched last year, aims to construct 500 AI factories by 2030. This initiative is part of efforts to help South Korea's manufacturing industries secure a competitive edge against global competitors.

The projects under this initiative will include developing AI models customized for different industries by utilizing manufacturing data from both big and small companies, commercializing AI solutions, and developing technologies for constructing full stack AI factories, as noted by the ministry.

"In an era where manufacturing and industrial competitiveness directly underpin national competitiveness, the ministry will steadily push forward with AI factory projects in a bid to help the country become a global leader in manufacturing the AI transformation by 2030," a ministry official said.