South Korea To Form Task Force For AI Cooperation With UAE | World News

Seoul: South Korea’s presidential artificial intelligence (AI) committee said on Monday it would launch a task force to advance artificial intelligence cooperation with the United Arab Emirates (UAE).

The task force will be jointly chaired by the presidential secretary for AI policy and future planning and the vice president of the Korean Chamber of Commerce and Industry (KCCI), and will serve as a continuation of bilateral agreements signed between South Korean President Lee Jae Myung and UAE President Mohamed bin Zayed Al Nahyan on the sidelines of last week’s summit, according to the committee.

The task force will be tasked with establishing a joint public-private sector implementation system to drive the results of the partnership with the UAE and deliver significant investment projects within the year, Yonhap news agency reported.

The team will consist of five working groups, each supervised by relevant ministries, including the Ministry of Science and Informatics and the Ministry of Climate, Environment and Energy.

During the Seoul-Abu Dhabi summit, the two leaders shared an understanding of the need for joint investment, development and marketing in the AI ​​sector and discussed ways to identify major cooperation projects integrating the AI, energy and defense industries.

The two countries signed seven memoranda of understanding (MOUs) to expand bilateral cooperation in these sectors. Under a framework agreement on strategic AI cooperation, South Korea will join the UAE’s Stargate project to jointly develop AI and energy infrastructure.

The UAE’s Stargate project aims to create a cluster of AI data centers in Abu Dhabi, starting with a 200-megawatt facility that will come online next year as part of a planned 5-gigawatt AI campus.

Meanwhile, South Korean stocks fell for the second consecutive session on Monday as concerns about artificial intelligence (AI)-related sectors continued. The local currency fell sharply against the US dollar. The benchmark Korean Composite Stock Price Index (KOSPI) lost 7.2 points, or 0.19 percent, to close at 3,846.06, following a 3.79 percent drop on Friday.

KOSPI opened higher on foreign buying as US interest rate cut hopes revived, but offshore investors turned to net sellers to pull the index lower in the afternoon.

Trading volume was modest at 363.4 million shares worth 20.3 trillion won (US$13.8 billion); There were more fallers, 306 than winners, 576.