On August 12, Min Kyung-seol, the Director of the Innovation Growth Office at South Korea's Ministry of Economy and Finance, announced on Tuesday that South Korea intends to allocate between 600 billion and 1 trillion won (equivalent to approximately $707 million) to a newly established sovereign wealth fund next year. This fund will primarily focus on strategic sectors, including artificial intelligence (AI). The ultimate investment sum may surpass initial projections, contingent upon the identification of specific targets and the assessment of funding requirements.

Min Kyung-seol clarified that, at present, there are no intentions for the fund to directly invest in Samsung Electronics or SK Hynix. Earlier in July of this year, the South Korean government declared its intention to create a 'Strategic Industry Investment Account' under the aegis of the Korea Investment Corporation (KIC), with an initial endowment of at least 20 trillion won (approximately RMB 94 billion). The investment scope encompasses AI, semiconductors, data centers, and pivotal enterprises within overseas supply chains, among other areas. The government aims to officially inaugurate the 'Korean Version of Sovereign Wealth Fund' next year.

Furthermore, the fund will also concentrate on infrastructure projects such as robotics, energy, batteries, and power grids. Additionally, nuclear energy, space exploration, and quantum technology are also under consideration for potential investment.