South Korean President Lee Jae-myung met with BlackRock CEO Larry Fink on Monday, marking his first engagement in the U.S. during a visit for the United Nations General Assembly. The two leaders discussed strategic cooperation to position South Korea as the “AI capital” of the Asia-Pacific region.
According to Ha Jung-woo, South Korea’s presidential office AI chief, the meeting focused on large-scale investments and collaborative initiatives spanning multiple sectors. Fink expressed BlackRock’s commitment to channel global capital to support South Korea’s AI ambitions.
President Lee welcomed the initiative and emphasized the importance of tangible results through a close, ongoing partnership. He also extended an invitation for Fink to visit South Korea.
The visit coincided with the signing of a memorandum of understanding (MOU) between South Korea’s Ministry of Science and ICT and BlackRock, outlining cooperation in the global AI sector. The MOU includes joint plans for large-scale investments over the next five years to support AI-driven renewable energy projects across the region.
While the presidential office did not disclose exact investment figures, it noted that BlackRock manages approximately $12.5 trillion in assets. Officials said a “large-scale investment” by an asset manager of this size typically means tens of billions of dollars. A pilot investment in the near term is expected to be in the billion-dollar range, and a joint task force will finalize detailed plans before announcing actual investment amounts. Domestic firms will also have opportunities to participate in the fund.
Fink’s delegation praised President Lee’s leadership, highlighting South Korea’s record-high stock market performance since his inauguration and expressing confidence in the country’s ongoing economic growth.
The meeting included key figures such as Adebayor Ogunlesi, chairman of Global Infrastructure Partners (GIP), former World Bank President Kim Yong, and South Korean lawmaker Cha Ji-ho from the Democratic Party, who is accompanying President Lee.
The MOU also covers collaboration on AI and renewable energy infrastructure, with a focus on integrated approaches to meet rising domestic AI demand. Plans include establishing a renewable-energy-powered hyperscale AI data center in South Korea, which would serve as a hub for both domestic and Asia-Pacific AI markets, according to the presidential office.
