Lee urges APEC to embrace AI-driven big changes as opportunity

Seoul, Nov 1
South Korean President Lee Jae Myung on Saturday urged the Asia-Pacific Economic Cooperation (APEC) member economies to embrace big changes driven by artificial intelligence (AI) as an opportunity to contribute to inclusive economic growth.

Lee introduced South Korea's initiative, titled "AI-Based Society for All," during the Retreat Session of the APEC summit in the southeastern city of Gyeongju, reports Yonhap news agency.

"The Republic of Korea envisions a global AI society where people around the world can equally enjoy the benefits of technological progress, and will steadily implement policies to realise this core vision," Lee said in his remarks, referring to South Korea's official name. "We should turn the great transformation brought by AI into an opportunity."

Lee said South Korea is pursuing an "AI transformation" at the national level and fostering an ecosystem for AI innovation.

"We will expand infrastructure, such as large-scale data centers, and carry out regulatory reforms to create an environment where global companies can innovate freely," he said.

He also called for collective efforts to address the challenges posed by a low birth rate and an aging population, proposing a joint framework for APEC members.

"Demographic changes pose serious challenges that affect all areas of society, ranging from economic growth and the labor market to education and welfare, and cannot be resolved through partial or isolated measures," he said.

To respond to major waves of AI and demographic change, he said South Korea is focusing on the cultural and creative industries as a new growth engine.

During the session, the leaders are set to adopt the "Gyeongju Declaration," which encapsulates the outcomes of this year's discussions, along with two documents on AI and demographic challenges, the office said.

Lee will then formally hand over the APEC chairmanship to Chinese President Xi Jinping, whose country will host next year's summit.

Following a group photo session, Lee was scheduled to hold a press conference in his capacity as APEC chair to brief on this year's main outcomes.