By Kang Yoon-seung
The Ministry of Economy and Finance of South Korea released a set of measures on Thursday to stimulate the development of the country’s artificial intelligence chip and urban air mobility (UAM) sectors with the aim of creating new growth engines.
The initiative includes speeding up the establishment of data centers that use domestically-made AI chips and increasing financial backing for the production of such semiconductor products by fabless firms, in order to help Korean enterprises gain a foothold in the AI chip market, which is currently dominated by the American company Nvidia Corp.
Furthermore, a task force consisting of government agencies will be formed to construct a frequency exclusively for the UAM industry, allowing South Korea to take the lead in setting global standards.
In addition, revisions to privacy regulations will be made to permit companies to use videos captured by self-driving cars to build a database. The ministry also intends to designate used EV batteries as a recyclable resource for sustainable growth, instead of classifying them as disposable waste.