Singapore: Lee says S. Korea will work with Singapore, create US$300 mln global AI fund. President Lee Jae Myung announced that South Korea is set to establish a global investment fund in Singapore by 2030, aiming to generate US$300 million in investments for startups and the artificial intelligence (AI) sector. Lee made this announcement at the AI Connect Summit in Singapore, gathering company and government officials and experts from both countries to discuss collaborative research and investment opportunities in the AI field.
According to Yonhap News Agency, President Lee emphasized the transformative impact of AI on civilization, highlighting the necessity for South Korea and Singapore to collaborate due to their world-class AI capabilities. During his state visit, which included a bilateral summit with Singaporean Prime Minister Lawrence Wong, Lee underlined the importance of evolving beyond simple technology exchanges towards a strategic industrial partnership to explore new AI-driven markets and establish both nations as Asia's leading innovation hubs.
Lee assured support for substantive cooperation through the AI Cooperation Framework, stating that Seoul will establish the Korea Venture Capital Corporation (K-VCC) global fund by 2030, valued at $300 million. As part of this initiative, the Ministry of SMEs and Startups plans to set up the government's first offshore global fund in Singapore later this year, aiming to attract $300 million by 2030. The fund is expected to focus on promising AI startups in both countries and act as a bridge between global investors and innovative startups.
He also promised to facilitate cross-border joint research to advance AI technologies addressing critical challenges and to initiate joint projects and exchange programs among researchers next year. In line with this, the Ministry of Science and ICT announced a plan to launch an international joint research program worth 50 billion won (US$34.2 million) in AI and digital fields over five years starting in 2027, prioritizing projects with Singapore.
Additionally, Lee welcomed the establishment of the Korea-Singapore AI Alliance, a private sector network aimed at fostering collaboration among startups, entrepreneurs, and researchers from both nations. He described it as the foundation of an open innovation ecosystem, committing governmental support for its activities.