President Lee Meets BlackRock CEO... "Large-scale Investment to Make Korea 'Asia-Pacific AI Capital'"

World's Largest Asset Manager BlackRock and Ministry of Science and ICT Sign MOU... "Pilot Investment of Trillions of Won Expected in the Near Future"

Agreement to Cooperate on Establishing AI Data Centers in Korea... President Lee Invites Chairman Fink to Korea

Chairman Fink: "Korea's Stock Market Reached All-time High Since President Lee Took Office... Expecting Economic Development"

President Lee Jae-myung meets with Larry Fink, Chairman of the World Economic Forum

(New York=Yonhap News) Reporter Lim Hyung-sub and Ko Dong-wook = President Lee Jae-myung, who is visiting New York, USA, to attend the UN General Assembly, met with Larry Fink, CEO of BlackRock, the world's largest asset management company, and Chairman of the World Economic Forum, as his first schedule during his US visit on the 22nd (local time).

At this meeting, both sides agreed to cooperate in various fields, including large-scale investments, to establish South Korea as the 'AI (Artificial Intelligence) Capital' of the Asia-Pacific region, according to a briefing by Ha Jeong-woo, Senior Secretary for AI Future Planning at the Presidential Office.

President Lee Jae-myung meets with Larry Fink, Chairman of the World Economic Forum (New York=Yonhap News) Reporter Han Sang-gyun = President Lee Jae-myung, visiting the US for the UN General Assembly, shakes hands with Larry Fink, Chairman of the World Economic Forum, at a hotel in New York on the 22nd (local time). 2025.9.23

[Reprint and database prohibited] [Joint Coverage] xyz@yna.co.kr

First, Chairman Fink stated, "We will actively cooperate by connecting global capital to help South Korea become the 'AI Capital' of the Asian region."

President Lee welcomed this and responded by saying they should continue their close cooperative relationship and achieve tangible results.

President Lee also invited Chairman Fink to Korea.

Notably, on the occasion of this meeting, the Ministry of Science and ICT of South Korea and BlackRock signed a Memorandum of Understanding (MOU) for global cooperation in the AI industry.

The MOU includes discussions on cooperation in infrastructure related to domestic AI and renewable energy, and the joint exploration of an integrated approach to respond to the rapidly growing AI demand in Korea.

It also includes plans to cooperate in building an 'Asia-Pacific AI Hub' in Korea and to discuss the establishment of renewable energy-based hyperscale AI data centers in Korea for this purpose.

Secretary Ha explained that the aim is to establish an AI data base that can encompass not only domestic demand but also demand from the Asia-Pacific region.

Furthermore, the MOU stipulates the joint preparation for large-scale investments necessary for the AI renewable energy transition in the Asia-Pacific region over the next five years.

While the Presidential Office did not mention the specific investment amount, it explained, "BlackRock is the world's largest asset management company, currently managing assets worth $12.5 trillion, approximately 17 quadrillion won in Korean currency," and added, "A 'large-scale investment' by an asset management company of this scale typically refers to investments in the tens of trillions of won."

It continued, "We expect a 'pilot investment' of at least trillions of won to occur in the near future," and added, "A task force (TF) will be formed immediately between the Korean government and BlackRock. After discussing the implementation plan here, the actual investment amount can be announced."

Domestic companies will also be allowed to participate in the fund to be established for the investment.

Ha Jeong-woo, Senior Secretary for AI Future Planning, giving a briefing (New York=Yonhap News) Reporter Han Sang-gyun = Ha Jeong-woo, Senior Secretary for AI Future Planning, briefs on President Lee Jae-myung's meeting with Larry Fink, Chairman of the World Economic Forum, at the Korea Press Center in a New York hotel on the 22nd (local time).

From left: Kim Woo-chang, National AI Policy Secretary, Secretary Ha, and Democratic Party lawmaker Cha Ji-ho. 2025.9.23 xyz@yna.co.kr

Meanwhile, Chairman Fink and his delegation commented, "Under President Lee's leadership, the Korean stock market has reached an all-time high since his inauguration, and the political and economic situation is rapidly stabilizing," and added, "We anticipate further economic development in Korea," according to Secretary Ha.

Also present at the meeting were Adebayo Ogunlesi, Chairman of Global Infrastructure Partners (GIP), former World Bank President Kim Yong, and Democratic Party lawmaker Cha Ji-ho, who accompanied the delegation on this trip. Yonhap News