Narayan leads mission to forge closer tech-ties with Republic of Korea

Promising UK AI start-ups and venture capitalists will join the UK’s AI Minister on a visit to the Republic of Korea to promote the great opportunities for Korean investment into Britain’s thriving tech industries.

The UK’s AI Minister, Kanishka Narayan, will visit the Republic of Korea from Monday 15 – Tuesday 16 December, on a mission to showcase the broad and deep opportunities for the two countries to work together on some of the highest-growth potential areas of science and tech – from AI and semiconductors, to clean energy and health technologies.

As part of the trip, Minister Narayan will be joined by a delegation of high-potential UK AI start-ups, including Monolith AI, Secondmind, CuspAI, Abound, and PhysicsX. He will also be joined by leading venture capital firms such as Blank Page Capital, DeepTech Labs and Serendipity Capital, with a view to showcasing the great opportunities for Korean investment into Britain’s thriving innovation ecosystem.

During the two-day visit, Minister Narayan will champion the investment opportunities the UK offers as Europe’s largest tech ecosystem and the third largest globally, as well as home to more billion-dollar startups than France and Germany combined. He will highlight the UK’s leadership in AI research and innovation, backed by the Government’s £2 billion AI Opportunities Action Plan and efforts like the AI Growth Zones, which aim to crowd-in tens of billions of pounds in private investment and fast-track data centre delivery across the length and breadth of the country.

The Republic of Korea is a natural partner to the UK, in seizing the vast potential for innovations in AI, and other fields of science and tech besides, for economic growth and national renewal. Korea is a global leader in semiconductors, advanced manufacturing, and robotics, and is investing over £50 billion to become a top three AI nation, including through its ambitious “AI Factory” strategy. In meetings with top Korean politicians, investors and business leaders, Narayan will make the case for the UK and Korea’s tech ambitions, and capabilities, closely complementing one another – and putting the two countries in prime position to work together, to mutual benefit.

British and Korean businesses and researchers are already working closely together to seize the opportunities offered by breakthrough innovations in tech. The last few months have seen Korean electronics giant LG work together with the UK’s Octopus Energy on using AI to make heat pumps more efficient, to lower customers’ bills. While Hyundai have teamed up with UK startup Cusp.ai on the design of new materials for advanced manufacturing.

Over the two days, Narayan will meet with business leaders representing major Korean tech firms including SK Telecom and LG CNS.

UK Minister for AI, Kanishka Narayan, said:

“The Republic of Korea is a hugely promising partner for the UK when it comes to unlocking the enormous potential for technologies like AI to grow our economies and lead better lives. We both have massive ambitions for AI and tech, and the UK’s strengths in science and d   ata naturally complement Korea’s in manufacturing, semiconductors, and more.

“We are already seeing these partnerships come to the fore. This visit is about building even more lasting relationships that drive growth, create jobs, and develop solutions for a cleaner, healthier future – while showcasing the UK as the best place in the world to invest in tech.”

Image: Freepik