Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
Korea, BlackRock forge partnership to build Asia’s AI hub in Korea
President Lee Jae Myung speaks with Larry Fink, left, interim co-chair of the World Economic Forum and chairman of BlackRock, at a hotel in New York City, Monday. Joint Press Corps
By Anna J. Park
MOU encompasses data center development, Korea’s global AI investment projects
NEW YORK CITY — Korea and BlackRock, the world’s largest asset manager, have formed a strategic partnership to position the country as the "artificial intelligence (AI) capital in Asia" through large-scale joint investments in data centers and renewable energy.
The agreement was made on Monday during a meeting between President Lee Jae Myung and Larry Fink, interim co-chair of the World Economic Forum and CEO of BlackRock. The president is visiting New York City for the United Nations General Assembly.
During the talks, the Korean government and BlackRock signed an investment partnership memorandum of understanding, which highlighted a three-pronged approach to exploring combined development of data centers, establishing Korea as an Asia-Pacific base that can serve both domestic and regional needs and enabling Korea to participate in international AI infrastructure projects.
President Lee Jae Myung poses with BlackRock CEO Larry Fink, left, and Korea's Industry and Energy Minister Kim Jung-kwan after signing a memorandum of understanding for cooperation in the artificial intelligence industry at a hotel in New York City, Monday. Joint Press Corps
"President Lee welcomed the opportunity to cooperate in making Korea the AI capital of the Asia-Pacific region, calling for close collaboration to deliver tangible results. The president also extended an invitation for Chairman Fink to visit Korea," Ha Jung-woo, senior presidential secretary for AI and future planning, said at a press briefing in New York.
Ha added that the agreement also specifies plans to jointly prepare, over the next five years, large-scale investments necessary for the region’s AI-driven renewable energy transition.
During the meeting, Fink stressed the inseparability of AI innovation and decarbonization, calling them global imperatives. He praised Korea’s proactive policies in AI and energy transition and expressed strong interest in investing in the nation’s AI and energy infrastructure.
The BlackRock delegation also noted that Korea’s stock market has hit record highs since Lee’s inauguration, reflecting growing political and economic stability. They voiced confidence in the country’s long-term growth prospects.
President Lee Jae Myung shakes hands with Larry Fink, interim co-chair of the World Economic Forum and chairman of BlackRock, at a hotel in New York City, Monday. Joint Press Corps
The meeting was also attended by Global Infrastructure Partners Chairman Adebayo Ogunlesi, former World Bank President Jim Yong Kim and Democratic Party of Korea Rep. Cha Ji-ho, who was part of the presidential delegation.
BlackRock, the world’s largest asset management company with $12.5 trillion under management, has partnered with Microsoft, Nvidia and xAI to launch the AI Infrastructure Partnership (AIP), which is spearheading global investment in AI and renewable energy infrastructure.