This file photo, provided by SK Telecom Co. on Nov. 25, 2020, shows its artificial intelligence semiconductor, the SAPEON X220.
SEOUL, Aug. 17 (Korea Bizwire) — South Korea’s finance ministry unveiled a set of measures Thursday to pave the way for the growth of the country’s artificial intelligence chip and urban air mobility (UAM) industries in line with efforts to foster new growth engines.
Under the plan, the country will speed up the establishment of data centers powered by homegrown AI chips and expand financial support for the development of such semiconductor products by fabless firms, according to the Ministry of Economy and Finance.
The move is aimed at expanding South Korean firms’ presence in the global AI chip market, currently dominated by U.S.-based Nvidia Corp.
“We intend to take proactive measures to eliminate regulations that impede investment, reduce barriers for emerging industries and enhance the investment environment for businesses,” Finance Minister Choo Kyung-ho said during a meeting with economy-related ministers.
South Korea also said it will establish a task force of government bodies to build a frequency exclusively for the UAM industry to take a leading role in setting global standards.
To speed up the development of self-driving cars, the government said it has revamped privacy laws to allow companies to utilize videos filmed by the automobiles to build a database.
The finance ministry added it plans to designate used EV batteries as a recyclable resource to seek sustainable growth, as current rules define them as disposable waste.
This file photo shows the Korea Airports Corp.’s urban air mobility (UAM) virtual reality booth at the 2021 Seoul Smart Mobility Expo at a culture park in western Seoul on June 10, 2021. (Yonhap)
In a separate move, the government vowed to lift regulations to pave the way for seven investment projects in the private sector estimated at 7.2 trillion won (US$5.36 billion).
Such projects include the construction of a hydrogen charging station near a railroad and building a biotechnology cluster in Osong, 108 kilometers south of Seoul.
The country will additionally expand the drone flight zone in the central cities of Sejong and Daejeon to support a drone delivery service project.
As for exports, Choo said South Korea will roll out cross-government efforts to speed up the recovery amid signs of a rebound.
South Korea’s exports fell for the 10th consecutive month in July due mainly to weak demand for semiconductors, but the country reported a trade surplus for two straight months.
“The country will expand support for trade finance, marketing and overseas certification projects, and roll out additional measures to diversify export products and destinations,” Choo said.
(Yonhap)
