President Lee Jae Myung Calls for Swift Action on Mega Investment Projects in AI and Semiconductors
SEOUL, July 6 (Yonhap) — At a meeting on Monday with senior government officials and top executives from leading chipmakers Samsung Electronics and SK hynix, President Lee Jae Myung emphasized the urgent need to expedite government-led large-scale investments in the semiconductor and AI sectors. His remarks focused on streamlining administrative processes, particularly environmental impact reviews, to facilitate these initiatives.
Last week, the government introduced a “three mega projects” initiative aimed at significant investments in semiconductors, physical artificial intelligence (AI), and AI data centers, reflecting South Korea’s commitment to advanced industries for future growth. A key component of this plan is the development of a semiconductor production cluster in the Honam region, with Samsung and SK set to invest a combined 800 trillion won (about US$522 billion).
In his opening statement, President Lee noted the intense global competition and the transformative potential of AI, warning that the nation’s future may hinge on swift action. He highlighted that identifying and addressing potential obstacles early is crucial so that companies can focus on their investments and operational efficiency.
Lee directed that procedures not delay investments and proposed that mandatory environmental reviews for the chip cluster be expedited.
To further accelerate project implementation, the president suggested that all administrative procedures should be conducted simultaneously. He also recommended that preparations for essential services like electricity and water for the chip cluster begin immediately.
Additionally, President Lee announced his intention to establish a dedicated team within Cheong Wa Dae to oversee these mega projects, pledging his full support for their successful execution. He urged government and corporate stakeholders to quickly finalize the locations for the investment initiatives.
For further inquiries, contact: pbr@yna.co.kr
(END)
