Seoul, Nov 24 (NationPress) The presidential committee for artificial intelligence (AI) in South Korea announced on Monday that it will establish a task force aimed at enhancing collaboration in AI with the United Arab Emirates (UAE).

This newly formed task force will be co-led by the presidential secretary focused on AI policy and future planning, alongside the vice chairman of the Korea Chamber of Commerce and Industry (KCCI). This initiative is a direct follow-up to the bilateral agreements made during last week's summit between South Korean President Lee Jae Myung and UAE President Mohamed bin Zayed Al Nahyan, according to the committee.

The task force's mission includes creating a joint public-private implementation framework to achieve substantial outcomes from the partnership with the UAE and to propose meaningful investment projects within the year, as reported by Yonhap news agency.

The team will be organized into five working groups, each supervised by relevant ministries such as the Ministry of Science and ICT and the Ministry of Climate, Environment and Energy.

At the Seoul-Abu Dhabi summit, the two leaders emphasized the importance of joint investment, development, and marketing within the AI sector, while exploring major cooperation projects that encompass the AI, energy, and defense industries.

Seven memorandums of understanding (MOUs) were signed between the two nations to enhance bilateral cooperation across these fields.

As part of a strategic AI collaboration framework, South Korea will participate in the UAE's Stargate project, which focuses on the joint development of AI and energy infrastructure.

The Stargate initiative aims to establish a network of AI data centers in Abu Dhabi, starting with a 200-megawatt facility expected to be operational next year as part of a proposed 5-gigawatt AI campus.

On another note, South Korean stocks saw a decline for the second consecutive session on Monday, amid ongoing concerns regarding AI-related sectors. The local currency also fell sharply against the U.S. dollar.

The benchmark Korea Composite Stock Price Index (KOSPI) decreased by 7.2 points, or 0.19 percent, closing at 3,846.06, following a significant 3.79 percent drop on the previous Friday.

Although the KOSPI opened on a positive note due to foreign buying and renewed hopes for a U.S. rate cut, offshore investors shifted to net selling in the afternoon, pulling down the index.

Trading volume was moderate, with 363.4 million shares traded, amounting to 20.3 trillion won (approximately US$13.8 billion), as decliners outnumbered gainers 576 to 306.