March 17 (Asia Today) — South Korea’s government has launched a major initiative to foster domestic artificial intelligence semiconductor companies, committing tens of billions of dollars as part of a broader national investment plan.

The Ministry of Science and ICT and the Financial Services Commission held a public-private meeting in Seoul on Tuesday to introduce the so-called “K-NVIDIA Project,” a strategy aimed at building globally competitive AI chipmakers.

Under the plan, the government will allocate 30 trillion won (about $22.5 billion) to artificial intelligence and about 21 trillion won (about $15.8 billion) to semiconductors from a 150 trillion won ($112.5 billion) National Growth Fund to be created over five years.

Officials said the initiative is designed to nurture homegrown AI chip firms capable of competing with global industry leaders, strengthening South Korea’s position in next-generation technologies.

Participants at the meeting included Deputy Prime Minister and Science and ICT Minister Bae Kyung-hoon, Financial Services Commission Chairman Lee Eun-won and Korea Development Bank Chairman Park Sang-jin, along with executives from local AI semiconductor firms.

Industry representatives from companies such as FuriosaAI, DeepX, Mobilint, HyperExcel and Rebellion also attended the session.

The meeting brought together government officials and private-sector leaders to discuss investment strategies, technological development and policy support for the emerging AI semiconductor ecosystem.

— Reported by Asia Today; translated by UPI

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