- On September 22 in New York, South Korean President Lee Jae Myung and BlackRock CEO Larry Fink signed a memorandum of understanding (MoU) to develop a hyperscale AI data center over the next 10 years. The project will serve domestic demand and the broader Asia-Pacific region, where AI demand is expected to surge.
- Attendees included Adebayo Ogunlesi, Chairman of Global Investment Partners (BlackRock) and Jim Yong Kim, former President of the World Bank.
- Lee stressed that South Korea has a strong scientific foundation and an open-minded public, favorable for quickly deploying AI and transitioning to renewable energy.
- According to Ha Jung-woo, Senior Secretary for AI Policy and Future Planning, South Korea and BlackRock will collaborate on a renewable-energy-powered hyperscale AI data center—an infrastructure meant to attract investment and advanced tech projects.
- Larry Fink declared his goal of making South Korea the “AI capital of Asia,” opening global investment opportunities. BlackRock is the world’s largest asset manager with US$12.5 trillion as of Q2 2025.
- A joint task force between the Korean government and BlackRock will be formed to push the project forward, though location and capacity details remain undisclosed.
- The deal comes as South Korea holds the rotating presidency of the UN Security Council in September and prepares to lead an open debate on AI.
- Additionally, Science Minister Bae Kyung-hoon and Secretary Ha will visit IBM’s New York research center to learn about quantum capabilities expected to drive the next stage of AI progress.
📌 South Korea and BlackRock signed an MoU to build a hyperscale AI data center over 10 years, aiming to make South Korea the “AI capital of Asia.” The project promises to meet domestic and regional AI demand, attract global capital, and accelerate the shift to renewable energy.
