Seoul: The newly launched mega-sized Public Growth Fund will initially support the artificial intelligence (AI), semiconductor, and battery sectors, as announced by the chief of the state financial regulator. Lee Eog-weon, chairman of the Financial Services Commission (FSC), revealed that the FSC has selected seven projects to be funded by the 150 trillion-won (US$101.5 billion) fund during a policy briefing to President Lee Jae Myung.

According to Yonhap News Agency, the projects include the development of advanced AI chip production facilities, large-scale graphic processing unit (GPU) clusters using recently acquired GPUs from Nvidia, a national AI computing center, and materials for secondary batteries. Last week, the fund, a key economic pledge of the Lee administration, launched with an emphasis on accelerating AI adoption and channeling resources into key industries, including secondary batteries and biotechnology, over the next five years.

Lee stated that 40 percent of the fund will be allocated to investment projects that can stimulate regional growth. The FSC also disclosed that over 30 trillion won will be invested next year, with the initial investments comprising 6 trillion won for the AI sector, 4.2 trillion won for the semiconductor segment, and 3.1 trillion won dedicated to future mobility.