Lee Jae-myung: South Korea to invest 21.3 trillion won in AI and data centers, plus 4.6 trillion won for self-developed large models

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South Korean President Lee Jae-myung said on Monday that he will increase investment in artificial intelligence and other future growth engine industries, so as to boost South Korea's potential economic growth rate and implement his proposed "shared growth for all" goal.

Lee Jae-myung made the above commitment in a speech at the National Assembly, while calling on the ruling and opposition parties to work together to push for the smooth passage of the 2027 budget bill.

Lee Jae-myung said: "The 2027 budget bill is intended to make South Korea a leader, seize future advantages, and turn national-level growth into growth that benefits the people."

He added: "The budget will lay a solid foundation for leapfrog development. By concentrating investment in future growth drivers and narrowing development gaps, it will let all people share growth opportunities and outcomes." He once again called for a shift to the "shared growth for all" model.

The South Korean government submitted this draft budget to the National Assembly in September. Benefiting from expectations of increased tax revenue brought by the semiconductor upcycle, the draft sets next year's total fiscal expenditure at 820.9 trillion won (equivalent to US$614.5 billion), an increase of more than 10% from this year.

Lee Jae-myung said: "To consolidate the potential growth drivers that serve as the foundation of the economy, the government will boldly deploy artificial intelligence and various future growth tracks."

In this budget plan, which is the largest in history, the government plans to establish a 160 trillion won future fund to support young people, cultivate economic growth engines, and promote local development.

Lee Jae-myung called the fund a strategic investment platform that can both support a rebound in South Korea's potential growth rate and help ease severe social polarization.

"Total expenditure in 2027 is 820.9 trillion won, the largest fiscal investment in history, with an increase of 12.8%, setting the record for the highest annual growth rate." He said that expanding spending is both to match the higher living standards that the South Korean people deserve and to strengthen the country's future competitiveness.

Lee Jae-myung specifically mentioned that the government will invest 21.3 trillion won to advance three major projects: building a semiconductor manufacturing cluster, constructing data centers, developing physical artificial intelligence, and comprehensively deploying the AI industry.

In addition, 4.6 trillion won will be allocated separately with the goal of independently developing a world-leading proprietary large model; 13.8 trillion won will be invested in ten major strategic technology fields to secure South Korea's absolute competitiveness in these frontier tracks and thereby drive future economic growth. news_keyword_pub,usstock, iframe below main text iframe below main text General statement General statement QR code at end start QR code at end start

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