Seoul: SK Group Chey Tae-won emphasized that South Korea requires a significant investment of 1,400 trillion won (US$953 billion) over the next seven years to maintain its competitiveness in artificial intelligence (AI) infrastructure. He made this statement at an AI-themed conference co-hosted by the Korea Chamber of Commerce and Industry (KCCI) and the Bank of Korea (BOK).

According to Yonhap News Agency, Chey discussed strategies with BOK Governor Rhee Chang-yong for fostering corporate growth in an AI-driven environment. They explored the potential risks of an AI bubble and how businesses should respond. Chey highlighted the necessity for South Korea to develop AI data centers with a combined capacity of 20 gigawatts, noting the cost of building a 1-gigawatt facility is approximately 70 trillion won.

Chey stressed the importance of AI infrastructure in attracting global talent and data. He argued that South Korea must create attractive companies and foster a market for AI startups to succeed in the global AI race. He downplayed concerns about a potential AI sector bubble, suggesting that the market will stabilize as the industry grows. Chey noted that the AI market's collapse would only occur if artificial general intelligence proved unfeasible, a scenario he deems unlikely given current industry advancements.

The conference also featured discussions from other experts on strengthening corporate AI competitiveness. Lee Hong-lak, head of LG AI Research, emphasized the critical role of AI transformation in securing future corporate success. Oh Sam-il, a BOK job market researcher, pointed out that while wages for AI experts in South Korea are on the rise, they still fall short of those in advanced countries, contributing to the migration of AI talent abroad.