SEOUL, May 20 (Reuters) - South Korea and Britain will

host a global AI summit in Seoul this week, as the breathtaking

pace of innovation since the first AI summit in November last

year leaves governments scrambling to keep up with a growing

array of risks.

"Risks such as large-scale labour market impacts, AI-enabled

hacking or biological attacks, and society losing control over

general-purpose AI could emerge," although there is debate about

the likelihood, a global AI safety report, backed by experts in

more than 30 countries, said on Friday.

British Prime Minister Rishi Sunak and South Korean

President Yoon Suk Yeol will oversee a virtual summit on

Tuesday, amid calls for better regulation of artificial

intelligence despite disagreements over how the technology may

affect humanity.

"Although positive efforts have been made to shape global AI

governance, significant gaps still remain," Sunak and Yoon said

in an opinion article published in Britain's i newspaper and

South Korea's JoongAng Ilbo, entitled "Only global AI standards

can stop a race to the bottom."

The scope of challenges has expanded since the November

event, billed as the AI Safety Summit.

The meetings beginning Tuesday for the AI Seoul Summit will

discuss three priorities - AI safety, innovation and inclusion,

according to the summit's website.

Yoon's office said participating leaders would adopt an

agreement after discussing governance associated with AI use.

Leaders of Group of Seven (G7) major powers, Singapore and

Australia have been invited, and China will attend the summit's

ministerial session, a South Korean presidential official said.

"It will be the decisions of societies and governments that

will determine the future of AI," said the AI safety report

released on Friday.

The report acknowledges a widening front of risks from the

rapidly evolving technology - not only existential risks to

humanity, but AI inequality, data scarcity, use of copyright

material, and the environmental impact due to the vast amount of

electricity used by AI data centres.

At the November summit, Tesla's Elon Musk and OpenAI CEO Sam

Altman rubbed shoulders with some of their fiercest critics,

while China co-signed the "Bletchley Declaration" on

collectively managing AI risks alongside the United States and

others.

"Looking forward to this," Musk said in a post on his social

media platform X, responding to Yoon's posting on the upcoming

summit. It was not clear whether Musk would join the summit.