By The South Asia Times

SEOUL -  South Korean conglomerates and global technology companies, including Nvidia Corp., have agreed to pursue cooperation projects worth a combined $950 billion, as President Lee Jae Myung unveiled an ambitious strategy to position South Korea as a key pillar of the global artificial intelligence (AI) supply chain, Yonhap News Agency reported on Saturday.

The agreements were reached during a high-level AI meeting in San Francisco on Friday that brought together executives from leading global technology firms and South Korea's largest conglomerates.

According to presidential chief of staff for policy Kim Yong-beom, the projects include a long-term agreement under which SK Group will supply $750 billion worth of high-performance semiconductors to global technology companies, including Nvidia.

The meeting was attended by Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Nvidia Chief Executive Officer Jensen Huang and OpenAI Chief Executive Officer Sam Altman.

Kim said participants also agreed to jointly invest in large-scale AI data centers with a combined capacity of 5 gigawatts and 2 million graphics processing units (GPUs).

South Korean internet company Naver also signed agreements to establish $10 billion worth of global AI factories through a strategic investment partnership with Nvidia and an infrastructure supply deal with Canadian investment management firm Brookfield Corp.

During the event, President Lee unveiled the "San Francisco AI Declaration," pledging to transform South Korea into a trusted production base for AI semiconductors and a critical partner in the global AI supply chain.

"South Korea will make a leap forward to become an irreplaceable, core nation in the AI supply chain," Lee said, adding that the country would leverage its global leadership in memory semiconductors to become "a trustworthy AI chip production base and supply chain partner."

Lee also announced plans to build a world-class AI hub capable of supplying core infrastructure for the global AI ecosystem while promoting practical AI applications across industries such as manufacturing and logistics.

"The Republic of Korea will create a new market where the world can grow together by becoming not only a key supplier but also a country that most effectively and swiftly utilizes AI," he said.

The initiative builds on Seoul's broader AI strategy announced last month, which included three major investment projects totaling more than 4,000 trillion won ($2.73 trillion) in semiconductor manufacturing, physical AI and AI data centers, as South Korea seeks to strengthen its position amid surging global demand driven by the AI boom.

President Lee arrived in San Francisco as the first stop of a five-nation overseas tour. He is expected to continue discussions with global AI industry leaders before traveling to Brazil, followed by visits to Chile and Argentina, Yonhap reported.