President Yoon Suk Yeol has announced South Korea’s investment of $6.94 billion in artificial intelligence (AI) by 2027, aiming to maintain its leadership in the semiconductor industry. This move, part of a broader strategy to compete with the likes of the US, China, and Japan, includes creating a $1.1 billion fund for AI semiconductor companies.

“Current competition in semiconductors is an industrial war and an all-out war between nations,” Yoon said in a meeting of policymakers and chip industry executives on earlier this week.

The investment will enhance research in AI chips and technologies, supporting South Korea’s goal to be a top three AI technology leader and secure over 10% of the global semiconductor market by 2030.

“Just as we have dominated the world with memory chips for the past 30 years, we will write a new semiconductor myth with AI chips in the next 30 years,” Yoon said.