MSIT Launches "K-Global Project"... 31 Programs Worth 144.1 Billion Won

"Supporting Overseas Expansion of AI and Digital Startups"

Bae Kyunghoon, Deputy Prime Minister and Minister of Science and ICT, Yonhap News

The government will invest a total of 144.1 billion won in the "K-Global Project," a program that supports overseas expansion and infrastructure for innovative companies in the artificial intelligence (AI) and digital sectors.

The Ministry of Science and ICT announced on the 10th at EL Tower in Yangjae, Seoul that it held the "K-Global Project Joint Briefing Session" and will provide mentoring, scaling up, and overseas expansion support programs tailored to the growth stages and needs of AI and digital startups.

The government will launch the K-Global Project with a total of 31 programs worth 144.1 billion won for innovative companies in the AI and digital sectors, including infrastructure support such as office space and test beds, as well as AI, data, and cloud services.

The "K-Global Project" is an integrated platform that bundles previously fragmented government and private-sector support programs for innovative companies in the AI and digital fields under a single brand, helping companies easily find the information they need in one place.

This year, new programs have been added, including the "AX Innovative Enterprise Creative Technology Development" project, in which AI companies develop and demonstrate technologies together with demand-side organizations, and the "ICT Strategic Convergence R&D Voucher Support" project, which helps small and medium-sized enterprises and mid-sized companies secure information and communications technology (ICT) capabilities.

The government also plans to provide information through its website at a later date on several new programs that are not included this time, such as support for rapid commercialization of AI application products (in areas such as security, networks, and everyday life) and the promotion of AI-based virtual convergence industries.

This year, the participation of private institutions that operate startup discovery and nurturing programs has also been expanded. In addition to existing partners such as Naver Cloud, Google, the Banks Foundation for Young Entrepreneurs, Korea Credit Guarantee Fund, Shinhan Financial Group, and Lotte Ventures, new participants including Nvidia, the Asan Nanum Foundation, and Hana Bank have joined, enabling startups to take part in a wider range of private incubation and acceleration programs.

According to the Ministry of Science and ICT, a survey of companies that participated in last year’s K-Global Project (responses from 285 companies) found that, as of the third quarter of last year, the amount of investment attracted had increased by 63% from a year earlier, while the number of jobs (up 3.1%) and the number of patent applications (up 4.7%) also rose.

Lee Dokyu, policy chief for information and communications at the Ministry of Science and ICT, said, "We will continue to pool the capabilities of the private sector and the government so that our innovative companies can grow into key players leading a new leap forward in the AI and digital economy."

More than 500 representatives from AI and digital startups aspiring to enter the global stage attended the on-site event that day.

This content was produced with the assistance of AI translation services.