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Mr Lee also introduced a Korea-Singapore AI Cooperation Framework on Monday.\u00a0<\/p>\n
Under the framework, South Korea will establish a US$300 million global fund in Singapore by 2030, to ensure that capital, technology, talent and industry are “seamlessly” interconnected and that substantive cooperation can be achieved.<\/p>\n
“Through joint research that transcends national boundaries, we will enable researchers from both countries to devote themselves to developing AI technologies aimed at addressing humanity\u2019s most challenging issues,” he added.<\/p>\n
Seven memorandums of understanding (MOUs) on joint AI research and business cooperation in future industries, such as autonomous driving and public safety, were also adopted.<\/p>\n
These MOUs are expected to enable Korean AI companies to leverage Singapore’s infrastructure to expand business opportunities throughout Southeast Asia, said the South Korean public relations office in its press release.<\/p>\n
Earlier in the day, Mr Lee met Singapore Prime Minister Lawrence Wong, and the two leaders announced plans to upgrade the free trade agreement between both countries.<\/p>\n
Several other MOUs in areas such as civil nuclear energy and intellectual property were also exchanged.<\/p>\n
About 150 people, including AI entrepreneurs, venture capitalists and researchers, participated in the Korea-Singapore AI Connect Summit.<\/p>\n
Singapore Foreign Affairs Minister Vivian Balakrishnan was also in attendance, along with officials from government institutions and industry stakeholders such as the Home Team Science and Technology Agency (HTX) and SGTech.<\/p>\n<\/div>\n