Seoul: Chairman of SK Group Chey Tae-won stated that South Korea requires an investment of 1,400 trillion won (US$953 billion) in artificial intelligence (AI) infrastructure over the next seven years to maintain its competitiveness in the sector. Chey's comments were made during an AI-themed conference co-hosted by the Korea Chamber of Commerce and Industry (KCCI), where he serves as head, and the Bank of Korea (BOK).
According to Emirates News Agency, Chey and BOK Governor Rhee Chang-yong discussed strategies to build an ecosystem that promotes corporate growth in an AI-driven environment. They also explored the potential for an AI bubble and how companies should manage related risks.
Chey mentioned that for South Korea to participate fully in the global AI competition, it must establish AI data centres with a total capacity of 20 gigawatts. He noted it requires approximately 70 trillion won to construct a 1 gigawatt facility.
The SK chief emphasized the significance of AI infrastructure in attracting global talent and data. He remarked on the necessity of building more attractive companies to draw in resources from abroad. Additionally, he highlighted the need to create a separate market for AI startups and develop tens of thousands of them to secure a lead in the ongoing AI race.