South Korea will back efforts to develop one of the world's top ten artificial intelligence(AI) models within its borders.

In a policy briefing to President Lee Jae Myung on Friday, Science and ICT Minister Bae Kyung-hoon pledged to secure a world-leading algorithm and open-source it to the private sector and academia.

The ministry intends for the model to cover general use cases as well as the needs of specific sectors such as defense, manufacturing and culture.

The minister also announced plans to hold a nationwide AI competition in March to promote startups, commercialization and public familiarity in the sector.

The measures are part of South Korea's push to become one of the world's top three AI powerhouses by 2026.