{"id":2206600,"date":"2024-09-26T08:00:04","date_gmt":"2024-09-25T23:00:04","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206600"},"modified":"2024-09-25T15:45:34","modified_gmt":"2024-09-25T06:45:34","slug":"south-korea-launches-7-5-billion-push-for-ai-manufacturing-modernization","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/09\/south-korea-launches-7-5-billion-push-for-ai-manufacturing-modernization\/","title":{"rendered":"South Korea launches $7.5 Billion push for AI manufacturing modernization"},"content":{"rendered":"

The South Korean government introduced a <\/span>new financial initiative<\/span><\/a> on Tuesday, offering up to $7.5 billion (10 trillion won) to support the country\u2019s \u201cAI Autonomous Manufacturing\u201d project, first <\/span>launched<\/span><\/a> in June. The financial products include insurance, loans and equity investments aimed at fostering AI adoption in the manufacturing sector.<\/span><\/p>\n

The Korea Trade Insurance Corporation will offer AI Plus+, a specialized insurance product that guarantees loan repayments for companies borrowing from commercial banks to invest in AI manufacturing technologies, helping secure lower interest rates. Additionally, major banks will offer a $150.5 million (200 billion won) loan program with preferential interest rates for companies adopting AI technologies. Companies using AI Plus+ will also receive up to a 30% discount on insurance premiums and 100% coverage.<\/span><\/p>\n

WHY IT MATTERS<\/b><\/p>\n

South Korea\u2019s initiative reflects its effort to modernize the manufacturing sector and enhance supply chain resilience amid growing U.S.-China trade tensions. Despite this push, South Korean companies may struggle to compete globally. <\/span>China\u2019s<\/span><\/a> AI investment is projected to reach $38.1 billion by 2027, while <\/span>Taiwan<\/span><\/a> has invested $7.3 billion in AI this year. <\/span>Japan<\/span><\/a> is also ramping up efforts to localize AI production.<\/span><\/p>\n

South Korea\u2019s support for AI manufacturing is modest compared to the aggressive spending by neighboring countries. As a result, local manufacturers could face challenges in scaling AI adoption at the same pace. The benefits of these financial products may also take time to materialize, and without further structural reforms or increased investment, South Korea risks falling behind in the global AI race.<\/span><\/p>\n

Business & Economy<\/span><\/a>Inter-Korean & Foreign Relations<\/span><\/a>Technology & Cyber<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"

The South Korean government introduced a new financial initiative on Tuesday, offering up to $7.5 billion (10 trillion won) to support the country\u2019s \u201cAI Autonomous Manufacturing\u201d project, first launched in June. The financial products include insurance, loans and equity investments aimed at fostering AI adoption in the manufacturing sector. The Korea Trade Insurance Corporation will […]<\/p>\n","protected":false},"author":10407,"featured_media":2206601,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28,29],"class_list":["post-2206600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations","tag-technology-cyber"],"yoast_head":"\nSouth Korea launches $7.5 Billion push for AI manufacturing modernization - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/09\/south-korea-launches-7-5-billion-push-for-ai-manufacturing-modernization\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea launches $7.5 Billion push for AI manufacturing modernization - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"The South Korean government introduced a new financial initiative on Tuesday, offering up to $7.5 billion (10 trillion won) to support the country\u2019s \u201cAI Autonomous Manufacturing\u201d project, first launched in June. 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