Korean Deputy Prime Minister Highlights AI's Role in Economic Growth

Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance, stated on June 30 that the current period is a "golden time" to create new growth engines following the semiconductor industry, emphasizing that artificial intelligence (AI) is the key to leading this transformation.
Speaking at the 'Korea Strategic Economic Forum: AI Transformation Era, Path of Korea's Strategic Economy' held at the Lotte Hotel in Seoul, Koo described AI as a game changer that will reshape the framework of economic operations. He explained, "The AI transformation can be described as X+AI, where X represents all realities, industries, and fields, and innovation occurs when AI is integrated into these areas."
Koo stressed the need to enhance AI education, suggesting that collaboration between experts in various fields such as energy, biotechnology, defense, space, and quantum technology with AI specialists is essential for driving meaningful change.
He also highlighted the importance of data, advocating for the establishment of a 'data virtuous cycle ecosystem' that connects data production with problem-solving applications.
"The AI transformation is a critical task that we must undertake for our survival," Koo asserted, adding that the three mega projects announced the previous day would serve as a starting point for creating a significant gap in the AI transformation era.
He concluded by stating, "The government will mobilize all available resources, including tax, finance, regulation, and infrastructure, with the understanding that the speed of execution determines success."
The forum also featured discussions on economic growth in the AI era, focusing on sectors such as semiconductors, energy, security, medical data, defense, and space.
Park Young-sun, chair of the Strategic Economic Advisory Group, remarked, "Future competition will shift from the number of GPUs to AI production capacity, presenting a significant opportunity for Korea, which has a strong manufacturing base in high-bandwidth memory."
Park Hong-geun, Minister of the Office for Government Policy Coordination, emphasized the need for serious consideration of how to effectively respond to the major transformation of our economy and industries, as well as how to enhance the competitiveness of future generations. He noted that the diverse opinions and insights discussed at the forum would be valuable in establishing mid- to long-term national strategies.
Kwon Nam-hoon, president of the Korea Institute for Industrial Economics and Trade, who co-hosted the event, stated, "The AI transformation is not just a technological change but a key issue that will determine the competitiveness of strategic industries and Korea's future growth strategy. We will systematically research the impacts by industry and the necessary policy tasks."



* This article has been translated by AI.

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