South Korea to triple AI spending

SOUTH Korea will triple spending on artificial intelligence and make its biggest defence budget increase in six years, President Lee Jae Myung said yesterday in his annual parliamentary budget speech.

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Lee said 10.1 trillion won (about R123 billion) would go towards “a major transformation aimed at propelling South Korea into the ranks of the world's top three AI powers" alongside the US and China.

"We will significantly expand investment to usher in the 'AI era" he said, noting the amount was more than three times the current year's AI-related budget.

The proposal was made in a speech outlining his government's spending plans for 2026.

Overall, the budget plan totals 728 trillion won, an 8.1% increase from this year.

Lee now needs parliament to pass the budget proposal, which is likely given his party's majority.

On the defence budget, the president said his government wants to see an 8.2% increase from this year to 66.3 trillion won.