▲ President Lee Jae Myung speaks during the Korea-Singapore AI Connect Summit, a bilateral business event on artificial intelligence, in Singapore on March 2, 2026. (Yonhap)
▲ President Lee Jae Myung (C) speaks during the Korea-Singapore AI Connect Summit, a bilateral business event on artificial intelligence, in Singapore on March 2, 2026. (Yonhap)

(LEAD) S Korea-Singapore-AI

(LEAD) Lee says S. Korea will work with Singapore, create US$300 mln global AI fund

(ATTN: ADDS more details in paras 7-8, 10, photo)

By Kim Eun-jung

SINGAPORE, March 2 (Yonhap) -- President Lee Jae Myung said Monday that South Korea will push to create a global investment fund in Singapore by 2030 to attract investments worth US$300 million in startups and the artificial intelligence (AI) sector.

Lee made the commitment during the AI Connect Summit in Singapore, where company and government officials and experts in the AI sector of both countries gathered to seek joint research and investment opportunities.

"We are now in the midst of a massive civilizational transformation driven by AI," he said. "Amid these waves of change, it is inevitable that South Korea and Singapore, both of which possess world-class AI capabilities, join hands."

The South Korean president arrived here Sunday for a state visit that included a bilateral summit with Singaporean Prime Minister Lawrence Wong.

Lee said bilateral AI cooperation should evolve beyond simple technology exchanges into a "strategic industrial partnership" to explore new AI-driven markets and position the two countries as "Asia's leading innovation hub."

"The Korean government will support substantive cooperation between the two countries through the AI Cooperation Framework," he said, adding Seoul will create a $300 million "Korea Venture Capital Corporation (K-VCC) global fund by 2030."

As part of the plan, the Ministry of SMEs and Startups announced plans to establish the government's first offshore global fund in Singapore in the second half of this year, with a goal of drawing $300 million by 2030.

The ministry expects the envisioned fund to focus investments on promising AI startups in both countries while serving as a bridge connecting global investors with innovative startups.

He pledged to support cross-border joint research to develop AI technologies that will help address pressing challenges and launch joint projects and exchange programs between researchers next year.

In this vein, the Ministry of Science and ICT said it will launch an international joint research program worth 50 billion won (US$34.2 million) in the AI and digital fields over five years starting in 2027, giving priority to projects involving Singapore.

Lee also welcomed the launch of the Korea-Singapore AI Alliance, a private-sector network linking startups, entrepreneurs and researchers from both countries to promote collaboration.

"It will become the starting point of an open innovation ecosystem," he said, vowing government support for its activities.

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