Breaking News: Lee Jae-myung’s Strategic Push for AI and Renewable Energy
As the Lee Jae-myung administration prepares to take office, the AI and renewable energy sectors are poised to see significant benefits. President-elect Lee Jae-myung has set an ambitious goal to elevate South Korea to one of the world’s top three AI powers, with an investment of 100 trillion won ($85 billion USD).
AI as a National Strategic Technology
To achieve this, the incoming administration plans to designate AI as a national strategic technology and classify data centers as ‘national strategic technology commercialization facilities.’ This move aims to streamline regulations in areas such as power supply, location conditions, and business licenses, reducing obstacles for the industry.
Lee Jae-myung also proposed creating a global AI hub by establishing a national AI data integration cluster. The AI special zone will offer regulatory exceptions, including the Patent Law and Immigration Management Act, to foster growth.
To raise resources, the government and private sector will create an AI investment fund worth 100 trillion won. Additionally, a senior secretary for AI policy will be established in the president’s office to oversee comprehensive industry design and regulatory maintenance.
Renewable Energy Focus
The new government will prioritize renewable energy over nuclear power. A key plan includes closing coal power generation by 2040 and attracting the renewable energy industry to these vacated areas.
Following the Moon Jae-in administration, the new government will intensively promote the solar and wind industries. This includes expanding rooftop solar to general buildings, activating self-cost solar supply, and expanding building-integrated solar power (BIPV) for distributed power supply.
The offshore wind power sector will receive support to strengthen the competitiveness of equipment and materials, particularly in response to Chinese threats. The plan involves creating maritime wind hubs in Jeonnam, the Southwest Sea, and Jeju, and securing global competitiveness by establishing an ecosystem for offshore wind materials, parts, and equipment.
Support for the Defense Industry
Lee Jae-myung pledged to introduce a system of defense in charge of the National Security Office to the presidential office, focusing on export promotion strategies. This move is expected to flexibly adjust the defense regulation and licensing system to promote industrial growth and exports.
Industry Restructuring
Restructuring will also be applied to crisis industries like petrochemicals and steel. Special laws and intensive support will be enacted to bolster the petrochemical industry’s competitiveness, including R&D and high-value specialty development.
In the steel industry, significant changes are expected, including carbon reduction policies and the establishment of the Ministry of Climate Energy. The administration has expressed interest in transforming Jeonnam Gwangyang into a future steel city centered on hydrogen-winning steel.
An official from the Korea Businessmen Association commented, “The presidential election will be the core beneficiary of the new government as it has revealed the direction of fostering AI and renewable energy as a national strategic industry.”
Stay tuned to archyde.com for more updates on these breaking news developments and their impact on the AI and renewable energy sectors.
