National Growth Fund to Finance Emerging Physical AI Sector
Quick Look
- South Korea's financial regulator announced the National Growth Fund will finance the emerging physical AI sector, with LS Cable & System Ltd. named as the first investment.
- The fund aims to nurture strategic industries like AI, bio, and semiconductors.
AI-generated summary
Why It Matters
The National Growth Fund was launched late last year to nurture startups in strategic industries like AI, bio, and semiconductors, with government plans to raise up to 150 trillion won over five years.
SEOUL, July 1 (Yonhap) -- The chief of the country's financial regulator said Wednesday that the National Growth Fund, a mega-sized investment fund aimed at nurturing key industrial sectors, will help finance the emerging physical artificial intelligence (AI) sector.
Under the plan, LS Cable & System Ltd. was named as the fund's first physical AI investment, although details were not unveiled.
Lee Eog-weon, chairman of the Financial Services Commission (FSC) said physical AI will help boost productivity and create new growth locomotives.
The investment plan came as the country announced a massive investment plan for the semiconductor, AI and robotics sectors earlier this week.
The FSC said South Korea can win a competitive edge in the AI factory, robotics and future mobility sectors given the country's high-end manufacturing sector.
"Along with the industry ministry, we will continue to support leading firms for investment and policy backup," Lee said.
Launched late last year, the National Growth Fund aims to nurture startups in strategic industries, such as AI, bio and semiconductors. The government plans to raise up to 150 trillion won (US$96.3 billion) both from the private and public sectors and operate the fund for the next five years.
Open Questions
- What are the specific details of the investment in LS Cable & System Ltd.?
