President of the Republic of Korea Lee Jae Myung announced today that the country plans to double its spending on artificial intelligence (AI) and semiconductors by 2027 to a record US$16 billion.

Lee said the government would make bold investments in AI and future growth engines to boost the country’s economic growth potential, which forms the foundation of its economic strength.

He noted that the government would invest 4.7 trillion won to support flagship AI development projects aimed at achieving world-leading performance for Korea’s AI model, which is considered a national strategic asset.