NEW YORK – South Korean President Lee Jae Myung secured a pledge of support from BlackRock Inc., the world’s largest asset manager, to help turn the country into a regional hub for artificial intelligence, as Seoul seeks to combine its technological ambitions with large-scale international investment.
Lee met with Larry Fink, chairman and chief executive of BlackRock, in New York on Monday to discuss cooperation in AI and renewable energy, with a vision to position Korea as Asia’s AI hub.
During the meeting, Fink pledged to collaborate with Korea to make it the “AI capital in Asia” by attracting global investment, according to Ha Jung-woo, Lee’s senior secretary for AI policy and future planning.
Following the talks, Seoul’s Ministry of Science and ICT signed a memorandum of understanding with BlackRock on a global partnership in the AI industry.
The agreement calls for joint work on building hyper-scale AI data centers in Korea powered by renewable energy, to serve demand both domestically and across the Asia-Pacific region.
“AI, the energy transition and demographic change are the three great transformations facing humanity,” Ha said after the meeting. “Today’s dialogue confirmed common ground between Korea and a leading global investor on forging strategic cooperation.”
BLOCKROCK’S INFRASTRUCTURE ARM GIP TO PARTICIPATE AS FINANCIAL INVESTOR
Fink, whose firm manages $12.5 trillion in assets, told Lee that he would “mobilize global capital to make Korea the AI capital of Asia,” according to lawmaker Cha Ji-ho of Korea’s ruling Democratic Party, who attended the meeting. “The fact that a major investor like BlackRock is voicing such a vision for Korea carries significant meaning.”
To ensure the memorandum develops into a tangible investment, BlackRock and the ministry agreed to establish a joint task force.
Cha said initial pilot projects could run into several trillion won, with BlackRock’s infrastructure arm Global Infrastructure Partners (GIP) expected to participate as a financial investor.
GIP Chairman Adebayo Ogunlesi and Jim Yong Kim, the former World Bank president and now vice chair at the fund, also joined the discussions.
Seoul hopes the partnership will both accelerate domestic capacity in digital infrastructure and cement Korea’s status as a credible investment destination.
“Through this partnership with the world’s largest asset manager, we will open growth opportunities in core areas such as data centers, renewables and power grids,” said Seoul’s Office of the President. “This will strengthen Korea’s position within the global financial ecosystem and draw in more international capital.”
LEE’S ITINERARY IN NEW YORK
Lee arrived in New York on Monday for a four-day visit centered on the UN General Assembly.
On the first day, he is scheduled to meet with members of the US Congress to discuss the Seoul-Washington alliance.
On Tuesday, he plans to deliver a speech at the UN General Assembly, where he plans to declare the return of “a democratic Korea” and outline his government’s foreign policy agenda.
In the speech, he is expected to call for international support for the denuclearization of the Korean Peninsula and urge North Korea to return to dialogue.
The following day, Lee will preside over an open debate of the UN Security Council (UNSC), making him the first South Korean president to lead such a session.
South Korea, a non-permanent UNSC member, holds the rotating council presidency this month.
On the sidelines, he is scheduled to meet UN Secretary-General Antonio Guterres and hold bilateral talks with the leaders of France, Italy, Uzbekistan, the Czech Republic and Poland.
A one-on-one meeting with US President Donald Trump is not planned, though an informal encounter during the gathering has not been ruled out.
On Thursday, Lee will host an investor relations session with global investors before returning home on Friday.
By Jae-young Han
jyhan@hankyung.com
In-Soo Nam edited this article.
