KAIST

President Lee signs an MOU with New York-based Big Continent Inc. Chairman Hee-Nam Bae on funding the New York campus

< President Lee (left) and Chairman Bae pose after signing an MOU to open a New York campus last week. >

President Kwang Hyung Lee announced a plan to open a KAIST campus in New York with funding from New York-based entrepreneur Hee-Nam Bae. President Lee and Big Continent Inc. Chairman Hee-Nam Bae signed the MOU last week for the funding to open the campus in New York. 

President Lee said it will take years to open up a campus in New York in order to conform with both Korean and US legal procedures. However, during a news conference in New York following the signing of the MOU with Chairman Bae, President Lee said this is the first step toward realizing KAIST’s new vision of a ‘Global Twin Strategy’ by making New York KAIST’s newest stronghold to target both domestic and global markets.

“New York is the center of the world’s commerce, culture, and new technologies. If we want to grow big, we should go to one of the biggest cities in the world and New York is the place. I highly encourage our students and faculty go into the world and never be satisfied enjoying the top position in Korea. The next place to investigate will be Silicon Valley,” said President Lee.

“We still have many issues to resolve domestically. We need to discuss more details first with the Board of Trustees and the Korean government,” he added. 

The New York campus will aim to become an enterprise-type university to help KAIST create global value. "Our goal is to make sure that Korean businesses gain competitiveness in the global market and can become listed on the NASDAQ. We plan to open majors related to AI, financial engineering, and cultural technologies. We will recruit students from both the US and KAIST to study at our New York campus.” President Lee said.

Chairman Bae, a self-made entrepreneur who immigrated to the US in 1981, also leads the Global Leadership Foundation in the US. “President Lee and I have already toured several candidate sites for the campus in the New York region and we will make a final decision on the best site to purchase,” said Chairman Bae.

Chairman Bae added that he has always dreamed of fostering young global talents who will take on global challenges with pioneering minds. He believes KAIST shares this global vision. 

The New York campus will be the first KAIST campus for global students funded by someone from the private sector. This is also a major step forward for KAIST, which was founded by a six million dollar USAID loan in 1971. KAIST announced its plans to establish Kenya KAIST in 2018 with funding from the Korea Eximbank’s 95 million USD development cooperation fund loan to the Kenyan government. KAIST will provide turn-key-based education consultancy featuring curriculum design and the construction of facilities for Kenya’s first advanced science and technology institute. The campus will be located in the Konza Techno City near Nairobi and plans to open in 2023.