Seoul: Hyundai Motor Co. and HD Korea Shipbuilding and Offshore Engineering Co. (HD KSOE), alongside other leading firms, outlined their investment strategies for artificial intelligence (AI) transformation in manufacturing during a meeting with South Korea's financial regulator, officials reported on Thursday.
According to Yonhap News Agency, the meeting with the Financial Services Commission (FSC) concentrated on strategies to finance a 150 trillion-won (US$101.8 billion) public growth fund dedicated to AI manufacturing. The discussions included plans for humanoid robots and AI-integrated factories, reflecting the involved companies' commitment to an AI-driven future. These firms are part of the Manufacturing AX Alliance, a recently formed coalition focused on advancing AI transitions within the industry.
The Lee Jae Myung administration is spearheading the initiative to establish the fund, which aims to facilitate AI adoption across key sectors, such as semiconductors, secondary batteries, and biotechnology, over the next five years. The administration's strategy is rooted in channeling resources into these vital industries to bolster economic growth and technological advancement.
A preliminary survey by the Ministry of Trade, Industry and Resources revealed that investment demand for manufacturing AI surpasses 10 trillion won. The demand includes 6.6 trillion won earmarked for humanoid projects, 1.5 trillion won for AI semiconductors, and 1.3 trillion won for AI factories. These figures highlight the substantial interest and potential in AI innovations within the manufacturing sector.
The FSC has expressed intentions to leverage the public growth fund to provide both direct and indirect investments, alongside low-interest loan programs, to support advanced industries. This approach is aimed at ensuring a balanced and sustainable economic advancement through AI innovations.
"Industry and finance are the two wheels that drive our economy, and only when they move forward in balance can we confidently propel the massive vehicle of manufacturing AI transition," stated Industry Minister Kim Jung-kwan, emphasizing the importance of cohesive progress in both sectors.