South Korea plans to establish a $300 million global fund of funds (K-VCC) in Singapore to support promising startups in artificial intelligence and deep technology sectors in both countries.

Minister of SMEs and Startups Han Sung-sook announced the initiative at the Korea-Singapore AI Connect Summit held in Singapore on June 2, with the fund targeted for completion by 2030. The minister's visit was coordinated with President Lee Jae-myung's state visit to Singapore.

The summit drew approximately 150 participants, including President Lee, Minister Han, business leaders, investors, researchers, and government officials from both nations. Attendees discussed cooperation strategies to lead the global AI market and achieve mutual prosperity.

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