By Seyit Kurt
ISTANBUL (AA) - South Korean President Lee Jae-Myung said on Monday that Seoul will establish a $300 million global investment fund in Singapore by 2030 to support startups and boost cooperation in artificial intelligence.
Lee announced at the Korea-Singapore AI Connect Summit, held during his state visit to the city-state, where he also held talks with Prime Minister Lawrence Wong, according to Yonhap News Agency.
Lee and Wong also agreed to launch negotiations to upgrade their countries’ free trade agreement, further expanding bilateral economic cooperation.
Describing artificial intelligence as a transformative force reshaping industries and societies, Lee said South Korea and Singapore — both seen as technologically advanced economies — should join forces to strengthen their competitiveness in specialized fields, including AI manufacturing and human-centric research and development.
“If the two countries set clear goals and collaborate to fill in each other’s gaps, I am confident that they can lead in specific areas,” Lee said. “They can build competitiveness in human-centric research and development and new applications.”
Under the plan, the government will launch a $300 million “Korea Venture Capital Corporation Global Fund” by 2030. The Ministry of SMEs and Startups said it aims to establish its first offshore global fund in Singapore in the second half of this year, to attract $300 million by the end of the decade.
The fund is expected to invest in promising AI startups in both countries and serve as a platform linking innovative firms with global investors.
In parallel, South Korea’s Ministry of Science and ICT said it will begin a five-year international joint research program worth 50 billion won ($34.2 million) in AI and digital technologies in 2027, prioritizing collaboration with Singapore.