Singapore: President Lee Jae Myung revealed plans for South Korea to establish a global investment fund in Singapore by 2030, aiming to attract US$300 million towards startups and the artificial intelligence (AI) sector. This announcement was made during the AI Connect Summit in Singapore, where officials and experts from both countries convened to explore joint research and investment opportunities in AI.
According to Yonhap News Agency, President Lee emphasized the necessity of collaboration between South Korea and Singapore, both recognized for their advanced AI capabilities. He highlighted the ongoing civilizational transformation driven by AI, asserting that cooperation between the two nations is essential for capitalizing on this shift. During his state visit, which included a summit with Singaporean Prime Minister Lawrence Wong, Lee expressed aspirations for the two countries to lead niche areas in the global AI industry, currently dominated by the United States and China.
President Lee identified AI as a pivotal area of cooperation, noting South Korea's strengths in semiconductors, data center infrastructure, and AI manufacturing, and Singapore's expertise in AI governance and regulation. He called for the evolution of bilateral AI cooperation into a strategic industrial partnership to explore new AI-driven markets and establish the countries as Asia's leading innovation hub.
The President outlined plans for the creation of a $300 million "Korea Venture Capital Corporation (K-VCC) global fund" by 2030, facilitated by the Ministry of SMEs and Startups. This initiative aims to establish the government's first offshore global fund in Singapore later this year, targeting $300 million by 2030. The ministry envisions the fund as a catalyst for investments in promising AI startups in both nations and as a bridge connecting global investors with innovative startups.
He further committed to supporting cross-border research and developing AI technologies to address pressing challenges. Plans include launching joint projects and exchange programs for researchers next year. In alignment with this, the Ministry of Science and ICT announced a 50 billion won (US$34.2 million) international joint research program in AI and digital fields, prioritizing projects involving Singapore, set to start in 2027.
President Lee also celebrated the inception of the Korea-Singapore AI Alliance, a private-sector network aiming to foster collaboration among startups, entrepreneurs, and researchers from both countries. He emphasized the government's support for this initiative, envisioning it as a foundation for an open innovation ecosystem.