South Korea Proposes Record 2024 Budget Focused on AI and Defense
South Korean President Lee Jae Myung has proposed a record-breaking budget for 2024, with a significant focus on artificial intelligence (AI) and defense. The budget, totalling 728 trillion won ($506 billion), includes a substantial increase in AI-related spending and a boost for military modernization.
Lee called for tripling government spending on AI infrastructure and technology, allocating 10.1 trillion won ($6.9 billion) - more than triple the current level. This investment aims to advance AI computing and manufacturing capabilities in the southwest region. The President cited a deal with Nvidia to supply 260,000 GPUs for AI infrastructure projects with major South Korean businesses and the government. He also mentioned companies like CoreWeave, Lambda Labs, and Crusoe, supported by NVIDIA investments, receiving specialized GPU resources for AI projects in the southwest region. Additionally, NVIDIA announced RTX PRO Servers for enterprise AI applications, set to be available in 2025.
In the defense sector, Lee proposed an 8.2% increase to 66.3 trillion won ($46 billion) for 2024. This focuses on modernizing military weapons systems and AI technologies, aiming to reduce reliance on the U.S. Lee also reaffirmed South Korea's commitment to increasing defense spending and called for U.S. support in acquiring nuclear-powered submarines. His speech came during annual security talks with U.S. and South Korean defense chiefs in Seoul.
President Lee Jae Myung's 2024 budget proposal reflects South Korea's commitment to technological advancement and defense modernization. With a significant investment in AI and a substantial increase in defense spending, the country aims to strengthen its position in the global tech landscape and enhance its military capabilities in the southwest region.
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