GYEONGJU, North Gyeongsang Province — President Lee Jae Myung met with Amazon Web Services (AWS) CEO Matt Garman and executives from seven international firms on Wednesday in Gyeongju, securing multibillion-dollar investment commitments to strengthen Korea’s function as a number one hub for synthetic intelligence (AI) and superior industries.
During a gathering, Garman introduced that AWS plans to make an extra investment of greater than $5 billion by 2031 to determine new AI data centers in Incheon and Gyeonggi Province. The transfer follows the corporate’s $4 billion investment in June to construct an AI data middle in Ulsan, marking the most important greenfield investment in Korea’s historical past.
The tech big’s investment signifies its confidence in Korea’s sturdy progress potential and competitiveness in the AI business, in addition to the federal government’s willpower to advance AI sector improvement.
“(AWS) is very excited about the potential here in Korea and is making very large investments for the country here and for AI,” Garman stated through the assembly. “And as part of that, we’ll be committing to invest 5 billion dollars in additional AI infrastructure here in the country to help grow that technology.”
President Lee famous that AWS’ newest dedication will assist speed up the nation’s drive to change into one of many world’s prime three AI powerhouses with initiatives equivalent to the event of an AI expressway, which is able to enable AI to be utilized by industries and analysis fields all through the nation.
“The greatest task facing the Republic of Korea right now is to recover our economy and continue growth. At the center of our recovery and growth is advanced science and technology, and I believe a core part of that is AI data,” Lee stated. “It is a great pleasure to know that the Republic of Korea and AWS will share our future together.”
Following the assembly with AWS, President Lee joined the worldwide enterprise investment partnership occasion to satisfy with executives from seven international firms, which introduced investment plans totaling $9 billion over the following 5 years.
President Lee Jae Myung, middle, pose with executives of worldwide firms through the international enterprise investment partnership occasion in Gyeongju, Wednesday. Yonhap
The investments will likely be directed to key strategic sectors that the federal government has prioritized for improvement, equivalent to AI, semiconductors, secondary batteries, future mobility and biotechnology.
As a part of this initiative, the businesses — AWS, Renault, Amkor Technology, Corning, Air Liquide, Siemens Healthineers and Umicore — filed international direct investment experiences totaling $660 million to be injected in the close to time period.
The executives emphasised to President Lee that Korea serves as a key hub in their international methods, expressing confidence that the new investments would strengthen manufacturing capability inside Korea.
Nicolas Paris, CEO of Renault Korea, stated that Renault Group has designated Korea as certainly one of its 5 key international strategic hubs, eyeing it as a significant a part of the corporate’s future mobility technique. The firm plans to transform the prevailing manufacturing traces of its Busan manufacturing unit to supply electrical automobiles (EV).
Siemens Healthineers Asia-Pacific President Vy Tran additionally shared plans to take a position $50 million in Korea, increasing its manufacturing traces for cardiac ultrasound system elements in Pohang, North Gyeongsang Province.
Karena Cancilleri, government vp of the Belgium-based supplies know-how firm Umicore, stated that the corporate will broaden present manufacturing capability from 35 gigawatts to 40 gigawatts, sufficient to provide batteries for 500,000 EVs every year.
Amkor Technology plans to broaden its semiconductor back-end amenities, Corning will make investments in superior supplies manufacturing for cellular units, and Air Liquide will broaden its semiconductor specialty gasoline plant, strikes which can be anticipated to strengthen the steadiness of Korea’s high-tech provide chains.