Prime Minister Kim Min‑seok opened a meeting of science‑related ministers in Seoul on Monday, stressing that artificial intelligence is crucial for boosting economic growth and fostering innovation. He noted that the Lee Jae Myung administration plans to increase investment to usher in the “AI era,” earmarking 10 trillion won (about $6.8 billion) of next year’s budget for the sector. “Artificial intelligence is a new growth engine to boost our economy’s innovation and a powerful driver of grand national transformation,” Kim said, adding that the aim is to spread the benefits of innovation widely under the “AI for all” vision.
The Prime Minister urged the ministries to collaborate and use the forum to discuss how AI can transform defence, science, industry, and other sectors, and to formulate a comprehensive national strategy. This gathering marked the first ministerial meeting of its kind under the current administration, following similar sessions during Moon Jae‑in’s term.
In the financial markets, South Korean stocks climbed late on Monday morning, buoyed by gains in semiconductors and banking stocks amid renewed hopes that the U.S. Federal Reserve may cut rates. The Korea Composite Stock Price Index (KOSPI) added 42.86 points, or 1.11 percent, to 3,896.12 as of 11:20 a.m. U.S. major indices also edged higher after New York Fed Chair John Williams hinted at another rate cut this year, with the Dow rising 1.08 percent and the Nasdaq up 0.88 percent. In Seoul, shares of Samsung Electronics rose 3.85 percent, SK Hynix jumped 3.25 percent, Hana Financial Group gained 1.1 percent, Shinhan Financial Group climbed 1.3 percent, NCSOFT surged 6.38 percent, and APR, a cosmetics maker, climbed 4.83 percent.
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