Seoul, Jan 22 (IANS): South Korea’s Industry Minister Ahn Duk-geun on Wednesday said artificial intelligence (AI) presents the country with an opportunity to address lingering challenges, including low birth rates, noting the government will roll out a set of projects to foster the segment.

Ahn remarked during a meeting with AI experts in Seoul, where government and industry officials discussed the country's policies aimed at cultivating the AI sector, according to the Ministry of Trade, Industry and Energy, Yonhap news agency.

"Currently, South Korean industries face challenges both domestically and internationally, including a declining population, technological competition from rival countries, and an oversupply of products," Ahn said.

"At this year's CES, we confirmed leveraging AI technologies is no longer a choice and the future of South Korea's industry depends on how promptly we adopt them," Ahn added.

The industry minister also emphasised the government will revamp the country's energy, financial, and other related policies to meet the growing demands from the AI sector.

"South Korea will establish an AI-friendly power supply system, raise AI-related funds, and reform laws and policies to create a favourable business environment for companies," Ahn said.

During the event, the ministry unveiled a series of projects to boost the AI industry, including the establishment of a public-private consortium to support businesses' automated production lines.

South Korea will also build the necessary infrastructure to test and manufacture humanoid robots and support the development of self-driving automobiles and vessels, the ministry added.

With critically low birth rates, South Korea has formally become a "super-aged" society.

According to the government data, the number of South Koreans aged 65 or older stood at 10.24 million, accounting for 20 per cent of the country's total population of 51.22 million, Yonhap reported in December last year.

The United Nations classifies countries where more than 7 per cent of the population is 65 or older as an aging society, those with over 14 per cent as an aged society, and those with more than 20 per cent as a super-aged society.

However, there have been some signs of a recovery.

The number of babies born in South Korea increased at the fastest rate in 14 years in October. A total of 21,398 babies were born in October, up 13.4 per cent from the 18,878 newborns a year earlier.