South Korea expects to deploy between 600 billion and 1 trillion won (about $707 million) into a new sovereign wealth fund focused on strategic industries such as artificial intelligence next year, according to Min Kyung-sup, head of the innovation growth office at the Ministry of Economy and Finance. Min said on Tuesday that the final investment amount could exceed initial estimates, depending on which targets are selected and how much capital they need. He also confirmed there are currently no plans for the fund to invest directly in Samsung Electronics or SK Hynix. The vehicle was announced in July, when the government said it would set up a strategic industry investment account under the Korea Investment Corporation (KIC) with initial funds of at least 20 trillion won (about 94 billion yuan). It is designed to invest in AI, semiconductors, data centers and key overseas supply chain companies, and is scheduled to officially launch next year as a Korean-style sovereign wealth fund. Min added that the fund will also target robotics, energy, batteries and grid infrastructure, with nuclear power, space and quantum technology also under consideration.
South Korea plans to pour between 600 billion and 1 trillion won (roughly $707 million) into a new sovereign wealth fund dedicated to strategic industries such as artificial intelligence next year, a senior finance ministry official said Tuesday.
Min Kyung-sup, head of the innovation growth office at the Ministry of Economy and Finance, said the final investment could exceed those initial figures, depending on which targets are identified and how much capital they require. He added that the fund currently has no plans to invest directly in Samsung Electronics or SK Hynix.
The government unveiled the vehicle in July, saying it would create a strategic industry investment account under the Korea Investment Corporation (KIC). The account will start with at least 20 trillion won (about 94 billion yuan) and focus on AI, semiconductors, data centers and core companies in overseas supply chains. It plans to formally establish and operate the fund as a Korean-style sovereign wealth fund next year.
Beyond AI and chips, Min said the fund will also target robotics, energy, batteries and grid infrastructure, with nuclear power, space and quantum technology also in scope.
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