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President Lee, BlackRock CEO agree to make Korea ‘AI capital of Asia’

Published: 23 Sep. 2025, 08:26 Updated: 23 Sep. 2025, 17:24

SARAH KIM
[email protected]

Korean President Lee Jae Myung, center, poses for a photo with BlackRock CEO Larry Fink, left, and Science and ICT Minister Bae Kyung-hoon after signing a memorandum of understanding on an AI partnership. [JOINT PRESS CORPS]

NEW YORK — President Lee Jae Myung and Larry Fink, CEO of BlackRock and chair of the World Economic Forum, agreed to make Korea the "AI capital" of Asia during their meeting in New York on Monday.

To this end, the Korean Ministry of Science and ICT signed a memorandum of understanding (MOU) with BlackRock, the world's largest asset management firm, on a global partnership in the AI industry during Lee's visit.

Lee's meeting with Fink focused on cooperation in advancing Korea's AI industry and energy transition, and was also attended by Adebayo Ogunlesi, chairman of private equity firm Global Infrastructure Partners (GIP), and Jim Yong Kim, the former president of World Bank Group.

Fink pledged to actively work toward establishing Korea as the "AI capital" of the Asia-Pacific region through attracting global investments, according to Ha Jung-woo, senior presidential secretary for AI policy and future planning, in a press briefing in New York.

"We welcome this opportunity to collaborate to establish Korea's position as the Asia-Pacific AI capital," Lee said, promising close collaboration in achieving tangible results. He also invited Fink to visit Korea.

Ha Jung-woo, center, senior presidential secretary for AI policy and future planning, speaks to reporters during a press briefing after President Lee Jae Myung's meeting with BlackRock CEO Larry Fink in New York on Sept. 22. [JOINT PRESS CORPS]

The meeting focused on three key global transitions — AI, energy and demographics — and served as an opportunity to reaffirm a mutual understanding on the need for strategic cooperation between Korea and global investment firms, the presidential office said in a statement.

The MOU on cooperation in the AI industry signed by Korean Science and ICT Minister Bae Kyung-hoon and Fink, with Lee watching, covered AI investments in Korea and renewable energy infrastructure cooperation.

The two sides agreed to collaborate on establishing an Asia-Pacific AI hub in Korea. They further agreed to build a "hyperscale" AI data center hub powered by renewable energy in Korea.

Ha said large-scale investment plans to support AI and renewable energy transitions in the country will take place over the next five years.

President Lee Jae Myung, center, speaks with BlackRock CEO Larry Fink, left, and Adebayo Ogunlesi, chairman of Global Infrastructure Partners, right, at a hotel in New York on Sept. 22. [JOINT PRESS CORPS]

Fink was also said to have noted that following Lee's inauguration in June, Korea's political and economic situation has been stabilized, with the Korean stock market hitting record highs.

The two sides also expressed interest in infrastructure investments, according to presidential officials, expressing their appreciation for the Korean government's proactive policy initiatives in the AI and energy sectors.

President Lee Jae Myung, left, and first lady Kim Hea Kyung arrive at John F. Kennedy International Airport in New York on Sept. 22, kicking off a five-day trip to attend the 80th session of the U.N. General Assembly. [JOINT PRESS CORPS]

BlackRock is the first asset manager to surpass $12.5 trillion. BlackRock, GIP, Microsoft, MGX, Nvidia and xAI are part of the AI Infrastructure Partnership (AIP), spearheading global investments in AI infrastructure and data centers.

The MOU could also pave the way for Korea to join this global AI partnership.

While the MOU didn't specify BlackRock's investment amount, officials say that a task force between the Korean government and BlackRock will be formed to discuss further details and later announce the investment scale, which could reach several trillion won.

Earlier Monday, Lee, accompanied by first lady Kim Hea Kyung, arrived in New York to attend the 80th Session of the UN General Assembly on Tuesday and preside over an open debate of the UN Security Council focused on AI on Wednesday.

BY SARAH KIM [[email protected]]