What AI hub is South Korea planning with multilateral development banks?

South Korea is working with six multilateral development banks, including the World Bank, to create an AI hub that brings their AI cooperation centers together in South Korea. Lee Hyoung-il said the hub is intended to ensure that countries and individuals are not excluded from AI’s benefits.

Why does South Korea want to support developing nations in AI transformation?

Lee Hyoung-il said South Korea experienced how international support and technology transformed its economy and people’s lives during the country’s development. Drawing on that experience and its capabilities, Korea wants to become a partner for developing nations pursuing AI transformation.

Finance minister pledges support for global 'AI basic society'

Q: What did Lee Hyoung-il and Ajay Banga discuss beyond AI cooperation?

Lee Hyoung-il and World Bank President Ajay Banga discussed using South Korea’s nuclear energy technologies to secure stable power supplies and support sustainable growth in developing nations. They also stressed industrial development that creates more opportunities and jobs for young people and promotes inclusive, sustainable development.

Listen

Summary

Finance Minister Lee Hyoung-il said Tuesday in Seoul that South Korea will help build a global artificial intelligence basic society so no country is excluded from AI transformation. Speaking at the Global AI and Digital Summit, he said Korea is working with six multilateral development banks to establish an AI hub linking their cooperation centers in Korea. Lee also discussed sharing Korea’s AI and nuclear energy capabilities with developing nations.

Key Facts

The three-day Global AI and Digital Summit was co-hosted by South Korea’s science ministry and the World Bank and opened in Seoul on Tuesday.
Lee Hyoung-il said South Korea is working with six multilateral development banks, including the World Bank, to establish an AI hub.
Lee met World Bank President Ajay Banga the previous day to discuss sharing South Korea’s AI capabilities and experience with developing nations.
Lee and Banga discussed using South Korea’s nuclear energy technologies to secure stable power supplies and support sustainable growth in developing nations.
The summit drew around 900 participants, including ministers and private-sector officials from about 160 countries.

By Yonhap

Published Oct 20, 2026 11:45 am KST

Finance Minister Lee Hyoung-il, left, shakes hands with Ajay Banga, president of the World Bank, Seoul, Monday, in this photo released by the Ministry of Finance and Economy, Tuesday. Yonhap

South Korea will help build a global "artificial intelligence (AI) basic society" in which no country is left behind in the AI transformation, the finance minister said Tuesday.

Finance Minister Lee Hyoung-il made the remarks during a speech at the Global AI and Digital Summit, a three-day event co-hosted by the science ministry and the World Bank, which opened in Seoul on Tuesday.

"South Korea, which received support from the international community as an aid recipient, has experienced how technology can transform the economy and people's lives during its development," Lee said.

"South Korea wishes to become a partner for developing nations in their AI transformations, drawing on our experience and capabilities," he added.

To this end, Lee said South Korea is working with six multilateral development banks, including the World Bank, to establish an AI hub bringing together their AI cooperation centers in South Korea.

"The goal (of launching the hub) is to ensure no country or individual is excluded from the benefits of AI and to realize a global AI basic society," Lee added.

The previous day, Lee met with Ajay Banga, president of the World Bank, to discuss ways to share South Korea's AI capabilities and experience with developing nations.

The two exchanged views on using South Korea's nuclear energy technologies to secure a stable power supply and support sustainable growth in developing nations.

They stressed the need to ensure industrial development that creates more opportunities and jobs for young people, and to continue efforts to promote inclusive and sustainable development in developing nations, according to the finance ministry.

The Global AI and Digital Summit in Seoul, meanwhile, brought together around 900 participants, including relevant ministers and private-sector officials, from some 160 countries, making it the largest gathering since the World Bank launched the annual event in 2024, according to the finance ministry.

Explore More