South Korea to invest $7 billion in AI by 2027 to retain edge in chips

South Korean President Yoon Suk Yeol said on Tuesday his country will invest 9.4 trillion won ($6.94 billion) in artificial intelligence by 2027 as part of efforts to retain a leading global position in cutting-edge semiconductor chips.

The announcement, which also includes a separate 1.4 trillion won fund to foster AI semiconductor firms, comes as South Korea tries to keep abreast with countries like the United States, China and Japan that are also giving massive policy support to strengthen semiconductor supply chains on their own turf.