South Korea opens national artificial intelligence research lab with $68.2M in funding

South Korea on Monday launched a national artificial intelligence hub in Seoul, aiming to position itself as a top player in AI development, the Science Ministry announced.

The government plans to invest $68.2 million in the National AI Research Lab by 2028, enabling it to lead domestic and global AI research, develop AI talent, and connect sectors within the AI ecosystem, according to the ministry.

This initiative aligns with plans by the government and private sector to jointly invest 3.7 trillion won ($2.6 billion) in 26 AI enhanced manufacturing projects, nine dedicated to large corporations and the remainder to small and medium-sized enterprises, the Ministry of Trade, Industry, and Energy stated Monday.

Earlier this year, South Korea permitted financial firms to employ generative AI and cloud based solutions, moving away from the 2013 Financial Services Commission rule that required financial institutions to keep networks offline to prevent cyber threats.

At the AI Global Forum held in Seoul in May, policymakers and industry leaders from 19 countries, including the US, Japan, Germany, France, and Italy, advocated for "responsible AI development," focusing on sustainable innovation, equitable benefits, and responsible application amid AI's rapid evolution and global influence.