Seoul: South Korean President Lee Jae-myung expressed his aspiration to collaborate with Asia-Pacific nations on issues concerning artificial intelligence (AI) and demographic change at the annual summit of the Asia-Pacific Economic Cooperation (APEC) forum. South Korea, as the host country for the APEC summit, aims to ascend to one of the world’s top three AI powers amidst challenges posed by a rapidly aging society and the lowest birth rate anticipated globally by 2024.

According to Thai News Agency, Chinese President Xi Jinping and US Treasury Secretary Scott Bessant participated in a meeting that focused on the swift adoption of AI and the demographic changes confronting many countries in the region. APEC, comprising 21 members, is responsible for 50 percent of world trade and 61 percent of the world’s gross domestic product (GDP).

President Lee announced at the meeting’s commencement that the APEC AI initiative proposed by South Korea stems from a robust determination to convert significant changes into opportunities. On the previous day, Lee convened with Nvidia CEO Jensen Huang during the summit, where the US AI chipmaker revealed a partnership with a South Korean company.

Furthermore, President Lee proposed a framework for cooperation within the APEC region to collectively tackle what he described as a demographic crisis. He emphasized that the changing demographic landscape poses a profound crisis impacting various societal sectors, including economic growth, the labor market, childcare, and welfare. The complexity of these issues makes it increasingly challenging to address them with isolated measures.