AI Revolution In South Korea Addresses Labour Shortage



The South Korean government is looking to artificial intelligence (AI) as a major solution to its ongoing labour crisis. Plans to implement AI technology in the nation’s manufacturing facilities have been announced. The Ministry of Trade, Industry, and Energy presented this programme, which intends to restructure important industries like shipbuilding and the automobile industry while increasing export performance and drawing in foreign investment.

In the first half of 2024, the ministry will take the lead in creating a master plan for autonomous manufacturing driven by AI.

Throughout the year, this plan will concentrate on pilot initiatives in several regions, working in conjunction with the Ministries of SMEs and Startups and Science and ICT. The eventual objective is to apply this novel approach to other industries, which will cost an estimated 150 trillion won (US$113 billion) in private investment.

Related link: AI Risks Up To 14% Of Jobs In South Korea

The ministry has promised a state fund of 14.7 trillion won (US$11 billion) for 2024 in order to draw in the required investment.

In addition, this programme involves removing bureaucratic obstacles that prevent investments in forward-thinking industries, providing tax advantages, and simplifying laws. The government will also give the private sector’s leadership in R&D top priority, designating 40 important projects in cutthroat industries and directing research funds towards supporting regional businesses.

The AI drive is a component of a larger plan to surpass the previous record of US$683.6 billion in exports in 2024 by reaching US$700 billion. In order to boost exports and streamline government support, other strategies include growing free trade agreements, securing vital resources for home businesses, and concentrating on 30 essential products and 10 targeted markets.

In keeping with the country’s objective of becoming carbon neutral by 2050, the ministry’s Carbon Free Alliance will concentrate on enticing international involvement in the shift of the nation’s electrical system to carbon-free energy sources. According to The Korea Times, this programme supports nuclear power as well as renewable energy sources like hydrogen.

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