According to the Korean Herald, the Korean Government plans to publish at least 200,000 won (approximately 100 billion yuan) of the additional budget in the near future. Against the backdrop of global uncertainty and domestic challenges, this huge amount will be used to boost the economy as part of a strategy to stimulate economic growth.
The area of artificial intelligence is one of the main thrusts of this supplementary budget. According to Korean sources, the Korean Ministry of Science and Technology has submitted a proposal to invest 16,08 trillion won to strengthen South Korea’s artificial intelligence and to help the country become a global leader in the field of artificial intelligence technology, with the goal of making South Korea the world’s top three.
According to the source, of the 16,08 trillion won to be invested, 12,3 trillion won will be used to establish the “AI Basic Network”, including the construction of an artificial intelligence data centre equipped with 50,000 graphic processors. Additional funds will be used to support artificial intelligence-related research and development, the construction of artificial intelligence professional industrial parks and policy lending projects.
The budget will also be used to develop skilled professionals who lead innovation in the area of artificial intelligence. In addition, the Korean Ministry of Science and Technology has called for the investment of 309 trillion won over the next five years to strengthen national digital infrastructure and to improve user accessibility. Of this amount, 23.4 trillion won will be spent on enhancing network security and creating a safer digital environment. The Korean Ministry of Science and Technology has also proposed to allow a tax credit for cellular phone calls, thereby reducing the public ‘ s telecommunication burden.
As Korea announced its supplementary budget, it was facing multiple economic challenges. The global economy is still in the recovery phase of a new epidemic, with potential trade disruptions and geopolitical tensions causing concern. The country faced problems of population ageing and the need for technological innovation to maintain its competitive edge.
The Government ‘ s decision to invest a significant portion of its budget in the area of artificial intelligence underscores the importance of technology in driving economic growth. Artificial intelligence is seen as a key driver of innovation and productivity, and the Republic of Korea is trying to take a forward position in this technological revolution.
In sum, focused investment in artificial intelligence and support for other key areas demonstrate a comprehensive South Korean strategy to boost economic development by creating jobs, boosting the economy and upgrading technological capabilities. The initiative is expected to have a positive impact on the Korean economy, helping it to move forward steadily in a complex global economic landscape while promoting long-term growth and innovation.