“Will help foster an independent AI ecosystem” KRW 150 trillion in advanced industry investment over the next five years
The National Growth Fund will provide KRW 400 billion in low-interest loans at an annual rate in the 3% range for Naver’s artificial intelligence (AI) data center expansion and graphics processing unit (GPU) introduction project. The Financial Services Commission (FSC) stated that this “will contribute to fostering Korea’s independent sovereign AI ecosystem.”
On the 15th, the FSC announced that it had convened the National Growth Fund’s Fund Management Deliberation Committee and approved an agenda item to provide funds for Naver’s “AI Data Center Expansion and GPU Server Introduction” project. Of the KRW 400 billion, KRW 340 billion will be raised from the Advanced Strategic Industry Fund, and the remaining KRW 60 billion will be provided by Korea Development Bank. The National Growth Fund will invest KRW 150 trillion over five years in advanced industries.
The previous day, at the 2nd Strategy Committee of the National Growth Fund, the FSC had announced the sovereign AI ecosystem expansion project as the “second mega project.” The FSC explained, “In order to reduce the domestic AI industry’s dependence on global big tech and secure independent AI sovereignty, we decided to provide financing for domestic companies’ large-scale AI data center construction projects.”
Naver is pursuing a project to expand its Sejong City AI data center “Gak Sejong” and introduce state-of-the-art GPU servers. This is intended to advance Naver’s proprietary large language model (LLM) and expand the use of AI in its search services. Of the total project cost of KRW 922.1 billion, Naver will procure KRW 522.1 billion on its own, and, under the resolution, receive the remaining KRW 400 billion at low interest from the National Growth Fund.
Naver has independently developed HyperCLOVA X, a Korean language-based AI model. Its goal is to reduce dependence on U.S.-made AI models such as ChatGPT, Copilot, and Gemini.
Meanwhile, at the same session, the committee also approved low-interest loan support for SamC&S, a semiconductor test process component manufacturer in North Chungcheong Province.
Jeon Ju-young
AI-translated with ChatGPT. Provided as is; original Korean text prevails.
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