Korea aims to become an irreplaceable link in the global AI supply chain
Samsung and SK secure long-term deals with global technology companies
South Korean companies and global technology groups reached AI and semiconductor agreements worth a combined $950 billion, or about 1,390 trillion won, during President Lee Jae-myung's visit to Silicon Valley.
Samsung Electronics and SK Hynix secured long-term partnerships with global technology companies covering the next five years, giving the chipmakers greater visibility over future demand. South Korea and the United States plan to use the partnerships to strengthen their global technological lead in semiconductors and artificial intelligence.
Lee unveiled the “San Francisco AI Declaration” at the San Francisco AI Summit on July 24.
The declaration sets out a vision to develop South Korea into a global AI production base and innovation hub and make the country an irreplaceable link in the global AI supply chain.
Building on South Korea's world-class memory-chip production capacity and manufacturing base, the government aims not only to supply AI infrastructure but also to establish the country as a global hub that rapidly applies AI technologies and creates new markets.
Leading South Korean business figures attended the summit, including Samsung Electronics Executive Chairman Jay Y. Lee, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Euisun Chung and Naver founder and board chair Lee Hae-jin.
Nvidia CEO Jensen Huang, OpenAI CEO Sam Altman, Anthropic CEO Dario Amodei and Broadcom CEO Hock Tan were among the global technology executives taking part.
Several major long-term semiconductor agreements between South Korean companies and global technology groups were signed at the summit.
Samsung Electronics and Broadcom signed a memorandum of understanding covering up to $200 billion, or about 290 trillion won, in advanced memory-chip supplies and foundry cooperation for AI-chip production over the next five years.
SK Group also agreed to pursue advanced-memory partnerships worth a combined $750 billion, or about 1,085 trillion won, over five years with Nvidia and other major technology companies.
The agreements are also expected to bring key AI research and development operations of U.S. technology companies to South Korea. A large-scale AI data-center project with planned capacity of 5 gigawatts is also moving forward.
The following day, Lee met executives from six leading U.S. venture-capital firms at a Silicon Valley VC meetup in San Francisco and urged them to increase investment in South Korean startups.
“We will make bold improvements to visa rules that discourage foreign entrepreneurs and skilled workers from coming to Korea, while expanding networks connecting companies, research institutions and investors at home and abroad,” Lee said.
“We will closely link the Korea Fund of Funds, the National Growth Fund, pension funds and private capital to provide promising startups with comprehensive support in investment, financing and overseas expansion, enabling them to scale into global companies.”
After completing the U.S. leg of his overseas trip, Lee departed for Brazil, the next stop on his itinerary.
