Lee set to unveil large-scale investment plans in advanced tech, including chip cluster
President Lee Jae Myung, left, shakes hands with Samsung Electronics Executive Chairman Lee Jae-yong during an event held in Rome, Italy, June 13. Yonhap
President Lee Jae Myung on Monday was set to unveil large-scale investment plans designed to nurture the country's semiconductor, physical artificial intelligence (AI) and AI data center sectors, including the creation of a new chip cluster.
The "tripolar megaprojects for a great leap" comes as Korea seeks to secure what Lee has called "absolute competitiveness" in advanced technologies to become an industrial powerhouse in the emerging AI era.
The plans are expected to involve investment commitments from Samsung Electronics and SK Group, the parent group of SK hynix, among other firms, with their respective chairmen, Lee Jae-yong and Chey Tae-won, set to announce large-scale investments.
The plans may, in particular, include the creation of a massive semiconductor production cluster in the southwestern Jeolla region, reportedly involving up to 1,000 trillion won ($650 billion) in investment over a 10-year period.
The central Chungcheong and southeastern Yeongnam regions may also host investment projects, as the Lee administration seeks to align the technology investment plans with its vision for balanced regional development.
As part of the announcement, the industry, science, land and energy ministries also plan to unveil their respective projects to back up the broader investment plan, including measures to secure the power and water supplies needed to operate the envisioned technology facilities.