Korea aong with BlackRock have entered into a strategic collaboration to invest in data centres and renewable energy and position the region as an AI hub in Asia. The agreement was signed between President Lee Jae Myung and Larry Fink, interim co-chair of the World Economic Forum and CEO of BlackRock.
During their talks, the Korean government and BlackRock engaged in an investment collaboration Memorandum of Understanding (MoU), which includes a three-pronged approach to going into combined development of data centres, positioning Korea as an Asia-Pacific base that can serve domestic and regional needs and supporting the country in participating in international AI infrastructure projects.
As per the officials, Korean representatives have welcomed the opportunity to collaborate in making the country an AI hub for the Asia-Pacific region, calling for a close partnership to provide optimal results.
The agreement between Korea and BlackRock includes plans to prepare, over the next five years, investments required for the country’s AI-powered renewable energy transition.
In the meeting, BlackRock underlined the inseparability of AI advancement and decarbonisation, considering them as worldwide necessities. The company viewed Korea’s AI and energy transition policies as proactive, emphasizing its substantial interest in investing in the region’s AI and energy infrastructure.
Previously, BlackRock also started working with Microsoft, Nvidia, and xAI to roll out the AI Infrastructure Partnership (AIP), which promotes global investment in AI and renewable energy setups.