Key Points

The event came after South Korea selected five local consortiums in August to develop AI foundation models, which refer to large-scale systems trained on broad data that can be used to perform different tasks, reports Yonhap news agency.

The five consortiums are each led by Naver Cloud, Upstage, SK Telecom, NC AI Co. and LG AI Research, and will receive state support.

"We would like to ask the companies to take on a greater challenge to develop AI for everyone, and for the growth and expansion of South Korea's AI ecosystem," Science Minister Bae Kyung-hoon said.

During the event, Kim Yu-won, head of Naver Cloud, said his team will work to develop an AI system suited to South Korea's social and cultural contexts.

"Under the mission of being responsible for South Korea's AI future, we are deeply committed to generating results that people can be proud of," Lim Yoo-hyung, who leads LG AI Research, added.

On the previous day, South Korea launched the National AI Strategy Committee, chaired by President Lee Jae Myung, with the goal of making the country one of the world's top three AI powerhouses.

Last month, science ministry said it has selected five consortiums led by leading artificial intelligence (AI) players that will receive government support to develop indigenous AI models, a move aimed at bolstering the country's competitiveness in the sector.

A foundation model refers to a large-scale system trained on broad data that can be used to perform a wide range of tasks.

The five consortiums will have access to the government's related resources, including graphics processing unit assets worth 157.6 billion won ($113 million).

- IANS