The Korean government plans to invest a combined 750 billion won ($502.8 million) over the next two years to commercialize artificial intelligence (AI)-enabled products, the finance ministry said on March 18. The plan was finalized at a meeting of economy-related ministers chaired by Finance Minister Koo Yun-cheol, as part of a blueprint for a 'super-innovation economy'.
The government plans to inject a combined 750 billion won ($502.8 million) over the next two years to commercialize artificial intelligence (AI)-enabled products, the finance ministry said Wednesday, March 18. The plan was finalized during a meeting of economy-related ministers chaired by Finance Minister Koo Yun-cheol, as part of a blueprint to build a 'super-innovation economy' and accelerate an AI-driven economic transformation. At the core is support for developing and launching a total of 246 AI products and services, led by a consultative body involving 11 ministries. 'Despite strong progress in AI development, adoption in real-world settings has been slower than expected,' a ministry official said. 'The budget will focus on supporting products that can be brought to market within one to two years.' Under the plan, the government will allocate 613.5 billion won this year and 140.5 billion won next year. This year's allocation marks the largest single program within the government's 2.4 trillion-won AI transformation budget. Finance Minister Koo Yun-cheol shakes hands with an AI-powered robot at an exhibit in Seoul, Feb. 27. Yonhap
