President Lee Jae Myung on Monday said South Korea will push to establish a global investment fund in Singapore by 2030 to attract $300 million for startups and the artificial intelligence sector.
Lee made the announcement at the AI Connect Summit in Singapore, attended by government officials, industry leaders, and experts from both countries to explore joint research and investment opportunities. He said the world is undergoing a “massive civilisational transformation” driven by AI and stressed that South Korea and Singapore must collaborate to stay competitive.
The South Korean leader arrived on Sunday for a state visit that included a bilateral summit with Singaporean Prime Minister Lawrence Wong. Acknowledging that the global AI industry is currently dominated by the United States and China, Lee said the two nations could lead in niche areas such as AI manufacturing and human-centric innovation.
He announced plans to create a $300 million Korea Venture Capital Corporation (K-VCC) global fund by 2030. The Ministry of SMEs and Startups will launch the government’s first offshore global fund in Singapore later this year to support promising AI startups and strengthen cross-border research collaboration.
