Seoul, Nov 24 (IANS) Prime Minister Kim Min-seok on Monday stressed the importance of artificial intelligence (AI) to economic growth and innovation, as he presided over a meeting of science-related ministers.

Speaking at the meeting, which brought together the ministers of science, education, defense, interior and health, among others, Kim said the Lee Jae Myung administration is dedicated to expanding investment to open the “AI era” and has allocated 10 trillion won ($6.8 billion) of next year’s budget proposal to the sector, reports Yonhap news agency.

“Artificial intelligence is a new growth engine to boost our economy’s innovation and a powerful driver of grand national transformation,” he said. “We will work to ensure the fruits of innovation are spread evenly under the vision of AI for all.”

Kim called on all ministries to work together and to use the gathering as a forum to discuss AI transformations in each sector, including defense, science and industry, and craft a comprehensive national strategy.

The ministerial meeting was held for the first time under the Lee government after previously being held during the Moon Jae-in administration.

Meanwhile, South Korean stocks traded higher late Monday morning on gains from semiconductors and banks amid revived hopes for a rate cut in the United States.

The benchmark Korea Composite Stock Price Index (KOSPI) had added 42.86 points, or 1.11 per cent, to 3,896.12 as of 11:20 a.m.

Major U.S. stocks finished higher Friday (U.S. time) after New York Federal Reserve President John Williams suggested the central bank could cut interest rates yet again this year.

The Dow Jones Industrial Average rose 1.08 percent, and the tech-heavy Nasdaq Composite advanced 0.88 per cent.

In Seoul, semiconductor and bank shares led the early rise.

Chip giant Samsung Electronics jumped 3.85 per cent, and its rival SK hynix vaulted 3.25 per cent.

Hana Financial Group rose 1.1 per cent, and Shinhan Financial Group added 1.3 per cent.

NCSOFT, a major game publisher, soared 6.38 per cent, and APR, a cosmetics manufacturing firm, mounted 4.83 per cent.

–IANS

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