President Lee Jae Myung attended a launch ceremony for a joint investment by SK Group and Amazon Web Services to establish an artificial intelligence(AI) data center in the southeastern city of Ulsan.

Meeting with AI businesses on Friday, Lee said while South Korea has experienced fast growth, the country is at a crossroads where it could move forward or regress, depending on how it prepares for the future.

Lee expressed faith that the country will overcome the current crisis thanks to the great potential of its people and its businesses.

The president praised SK Group for deciding to invest in a large-scale AI data center outside the capital region, saying he expects the initiative to vitalize the region’s economy.

Lee also mentioned the benchmark Korea Composite Stock Price Index breaking the three-thousand mark for the first time in three years and five months, expressing hope for the start of a new era.