South Koreas President Lee Jae Myung has announced plans to triple the countrys investment in artificial intelligence (AI) as part of a bold national strategy to position the nation among the worlds top three AI powers, alongside the United States and China. In his annual parliamentary budget speech on Tuesday, November 4, President Lee unveiled a 10.1 trillion won ($7 billion) investment package aimed at transforming the countrys technological infrastructure and accelerating the integration of AI across industries, public services, and daily life. We will significantly expand investment to usher in the AI era, Lee declared, describing the initiative as a major transformation aimed at propelling South Korea into the ranks of the worlds top three AI powers. The proposed budget marks a threefold increase from the current years AI allocation, reflecting the administrations determination to accelerate technological advancement and innovation. The AI initiative forms part of a broader 728 trillion won ($505 billion) national budget for 2026 representing an 8.1 percent increase from the current fiscal year. Under the proposal, 2.6 trillion won will be directed towards integrating AI into industry, daily life, and the public sector, while 7.5 trillion won will focus on developing AI talent and building supporting infrastructure. President Lees party holds a parliamentary majority, increasing the likelihood of the budgets approval. South Koreas drive toward AI dominance builds on its existing technological strengths, as it is home to two of the worlds leading memory chip manufacturers, Samsung Electronics and SK hynix, both of which supply essential chips for AI systems and large-scale data centres. Both companies recently signed preliminary agreements with OpenAI, the creator of ChatGPT, to supply chips and equipment for the companys Stargate AI infrastructure project. Global tech industry figures have also expressed optimism about South Koreas potential to achieve its AI ambitions. Jensen Huang, CEO of U.S. chip giant Nvidia, recently announced plans to deliver 260,000 of Nvidias most advanced AI chips to South Korea, describing the countrys goal as ambitious but achievable. Theres no reason why Korea cannot achieve it you have the technology, you have the software expertise, and you also have a natural ability to build manufacturing plants, Huang said. The AI investment push is part of a broader effort by President Lees administration to solidify South Koreas position as a global innovation hub and ensure the country remains competitive in the rapidly evolving technological landscape.The post South Korea triples AI spending in 2026 budget appeared first on Linda Ikeji Blog.