South Korea expands industrial policy support for AI manufacturing technologies
A new industrial growth fund in South Korea will support manufacturing AI initiatives, regional development, and emerging industrial technologies.
South Korea’s Ministry of Trade, Industry and Resources announced plans to establish an industrial growth fund to support manufacturing AI transformation and other industrial policy initiatives over the next three years.
According to the ministry, private banks managing government research and development funds pledged combined anchor investments of 1.1 trillion won for the initiative, including 620 billion won from Hana Bank. The ministry said additional private-sector investment is expected to support the fund.
A M.AX innovation fund established under the initiative will support projects related to manufacturing AI transformation, including robotics, AI factories, mobility technologies, and autonomous vessels. According to the ministry, the government aims to raise 500 billion won for the sub-fund based on an initial 100 billion won anchor investment.
The ministry also signed a cooperation agreement with banks and related agencies to provide 700 billion won in financial support programmes, including technology guarantees and trade insurance, for companies participating in research and development projects.
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