South Korea Approves AI Framework Act Amendment on July 14, Expands Venture Funding Support

According to South Korea's Ministry of Science and ICT, the amendment to the AI Framework Act passed the Cabinet meeting on July 14, enabling new policy measures to support AI industry startups. The revision will implement venture funding mechanisms through the state's investment fund to strengthen public-sector AI adoption and expand citizen access to AI technologies. Key provisions include prioritizing AI products and services in government procurement and establishing AI research institutes.
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