GYEONGJU – Seven world tech giants, together with Amazon Internet Providers (AWS), on Wednesday unveiled a mixed $9 billion funding plan in South Korea – one of many nation’s largest international direct funding pledges in recent times.
The announcement was made in the course of the APEC International Funding Partnership occasion in Gyeongju, held on the sidelines of the APEC CEO Summit, which runs by way of Oct. 31, forward of the APEC leaders’ assembly from Oct. 31 to Nov. 1.
The initiative varieties a part of Seoul’s broader technique to draw high-tech manufacturing and digital infrastructure funding because it seeks to cement its place as a regional hub for synthetic intelligence, semiconductors, batteries and biotechnology.
Of the full pledged quantity, $660 million will probably be filed instantly as international direct funding, in response to the Ministry of Commerce, Trade and Power.
“Korea is rising because the epicenter of AI innovation,” mentioned Matt Garman, chief govt of AWS, saying plans to take a position greater than $5 billion by 2031 to develop its cloud infrastructure and speed up AI capabilities.
Six different firms that additionally introduced their funding plans are Renault, Amkor Know-how, Corning, Air Liquide, Siemens Healthineers and Umicore.
Renault Korea CEO Nicolas Paris mentioned the automaker will designate Korea as one in every of its 5 world strategic hubs, changing present manufacturing traces for electrical automobile manufacturing.
Siemens Healthineers introduced a brand new 9,917-square-meter manufacturing facility in Pohang for core elements of cardiovascular ultrasound tools, whereas Amkor mentioned it is going to develop its semiconductor packaging operations.
Umicore Govt Vice President Karena Cancilleri mentioned the Belgium-based supplies know-how agency will develop its manufacturing capability from 35 gigawatts to 40 gigawatts
PRESIDENT LEE PLEDGES AI INITIATIVE IN OPENING APEC ADDRESS
Because the APEC conferences unfold, Korea is utilizing the highlight to underscore its ambitions to turn into a regional powerhouse in AI and superior manufacturing, leveraging historic ranges of international funding to anchor its subsequent part of progress.
South Korean President Lee Jae Myung launched his APEC week schedule by assembly high world executives, together with AWS’ Garman, reaffirming Seoul’s dedication to assist international buyers.
In a gathering with Garman at Gyeongju Arts Middle, Lee welcomed AWS’ new funding, which follows a $4 billion AI information heart undertaking in Ulsan introduced in June, calling AWS’ spending plans “the largest-ever greenfield funding in Korea’s historical past.”
“We wholeheartedly welcome Amazon’s choice,” Lee mentioned. “This partnership will speed up Korea’s AI ecosystem and strengthen our bridge to world prosperity.”
Later, throughout his keynote speech on the APEC CEO Summit, Lee emphasised multilateral cooperation to deal with world financial uncertainties, from provide chain disruptions to rising protectionism.
He mentioned that Korea will suggest an AI Initiative in the course of the APEC leaders’ assembly, geared toward fostering an inclusive framework for AI improvement throughout the Asia-Pacific area.
“We hope a imaginative and prescient of AI for all will turn into APEC’s new regular,” he mentioned, positioning Korea because the AI capital of the Asia-Pacific.
LARGEST-EVER APEC CEO SUMMIT
This yr’s APEC CEO Summit, hosted by the Korea Chamber of Commerce and Trade (KCCI), formally kicked off on Wednesday within the historic metropolis of Gyeongju beneath the theme “Bridge, Enterprise, Past.”
The occasion gathered greater than 1,700 political and enterprise leaders, the most important turnout within the summit’s 30-year historical past, together with President Lee, US President Donald Trump and Nvidia CEO Jensen Huang.
Amongst Korea’s high company leaders in attendance are Samsung Electronics Co. Chairman Lee Jae-yong, Hyundai Motor Co. Chairman Chung Euisun, LG Group Chairman Koo Kwang-mo, SK Group Chairman and the KCCI chief Chey Tae-won and POSCO Holdings Inc. Chairman Chang In-hwa.
Overseas attendees embrace executives from Google, Microsoft, Citigroup, Deloitte, Meta and Johnson & Johnson.
Trump, who flew to Gyeongju from Tokyo earlier on Wednesday, delivered the APEC CEO Summit’s particular handle. Different nationwide leaders, together with Indonesian President Prabowo Subianto, Vietnamese President Luong Cuong and Japanese Prime Minister Sanae Takaichi.
Throughout three days, the CEO Summit will host periods on the worldwide financial system, AI, finance, digital currencies and the inexperienced transition.
Notably, RM, the chief of Korean boy band sensation BTS, is scheduled to talk on cultural mushy energy within the Asia-Pacific, whereas Nvidia’s Jensen Huang will shut the occasion on Friday with a keynote outlining the way forward for the AI business.
Huang is predicted to fulfill with main Korean enterprise leaders to debate cooperation on high-bandwidth reminiscence (HBM) provide and broader collaboration on AI and microchip applied sciences.
In August, within the US, Huang had a chat with SK Chairman Chey, Samsung Chairman Lee and different CEOs at the enterprise roundtable of the South Korea-US summit in Washington, D.C.
