South Korea’s finance ministry expects to deploy 600 billion–1 trillion won (about $707m) of new capital into a sovereign-wealth fund targeting AI and other strategic industries next year, and the final amount could exceed initial estimates depending on selected targets and their funding needs, the ministry’s Innovation Growth Office head said on Tuesday. There are currently no plans for the fund to invest directly in Samsung Electronics or SK Hynix. In July Seoul said the Korea Investment Corpo

South Korea’s finance ministry expects to deploy 600 billion–1 trillion won (about $707m) of new capital into a sovereign-wealth fund targeting AI and other strategic industries next year, and the final amount could exceed initial estimates depending on selected targets and their funding needs, the ministry’s Innovation Growth Office head said on Tuesday. There are currently no plans for the fund to invest directly in Samsung Electronics or SK Hynix. In July Seoul said the Korea Investment Corporation would set up a “strategic industry investment account” with initial capital of at least 20 trillion won (about RMB94bn), targeting AI, semiconductors, data centres and overseas supply-chain core firms and due to be formally launched and operated next year. The fund will also target robotics, energy and battery and grid infrastructure; nuclear, space and quantum technologies are under consideration.