Koo Yun-cheol, Deputy Prime Minister and Minister of the Ministry of Economy and Finance, said on the 22nd that he hopes the Asia-Pacific Economic Cooperation (APEC) will work together to achieve shared prosperity through AI innovation.
The deputy prime minister said this at the joint session on "innovation and digitalization" of the APEC Finance and Structural Reform Ministers' Meeting held at Inspire Resort on Yeongjongdo in Incheon, noting, "I hope the APEC economic policy report on 'structural reform and AI-led digital transformation,' to be prepared next year, will present concrete directions for APEC cooperation to build a safe AI ecosystem and bridge the digital divide," and stated accordingly.
The deputy prime minister said, "According to the report (released by the Bank of Korea in Feb.), the introduction of AI has growth potential that can raise the productivity of the Korean economy by 1.1%–3.2% and gross domestic product (GDP) by 4.2%–12.6%," adding, "It is said that it can significantly offset the growth slowdown caused by demographic changes."
He also noted, "According to a working paper (in Apr.) by the International Monetary Fund (IMF), the adoption of AI can increase global GDP by up to 4%, but it points out that the benefits of growth will not be distributed evenly and that advanced economies with high AI readiness, infrastructure, and data accessibility will benefit significantly."
The deputy prime minister introduced the AI grand transformation being pursued by the Korean government, saying, "With the conviction that AI development is the only breakthrough for the Korean economy, we are promoting an AI grand transformation across all sectors, including corporations, the public sector, and the public."
He said, "Korea, which has strengths in its manufacturing base and information and communication technology (ICT) infrastructure, plans to actively support in a package research and development (R&D), deregulation, and finance for seven major physical AI projects such as AI robots and AI vehicles that it can lead."
He added, "Through tailored education by target group, we will make it possible for all citizens to use AI as conveniently as Hangeul," and "We also plan to promote tailored support policies for people who face difficulties due to the digital divide."