Deputy Prime Minister and Minister of Finance Gu Yoon-cheol. [Photo=Ministry of Finance]
On June 28, Deputy Prime Minister and Minister of Finance Gu Yoon-cheol stated, "We respect companies' decisions to invest in regional areas and will fully support them."
Gu made these remarks via his social media platform X, emphasizing the need for South Korea to mobilize all national resources, including manpower and land, to secure a competitive edge in advanced industries, similar to major countries.
His comments come amid ongoing political disputes regarding recent investment plans announced by Samsung Electronics and SK Hynix for semiconductor production facilities in the Honam region. The government and ruling party view this as a success for national balanced development and increased regional investment, while the opposition party has criticized potential political interference in corporate investment decisions.
Gu highlighted that breaking free from the overconcentration in the Seoul metropolitan area is a key challenge, stating, "Ultimately, the battleground for securing a competitive edge lies in the regions."
He further noted, "To lead the future global semiconductor ecosystem during this supercycle, we must not only paddle when the tide rises but also build larger ships in various locations. We need to expedite the establishment of the Yongin semiconductor cluster while increasing future semiconductor production bases in regions capable of local energy production and consumption."
Gu acknowledged that without the government's active support in terms of location, power, and water resources, the recent bold decisions by companies to invest in regional areas would have been challenging. He explained that companies were inevitably turning to overseas options.
He added, "The government will activate a comprehensive support system at all levels to ensure that the hard-won regional investments yield quick results."
Additionally, Gu stated that securing a competitive edge is necessary not only in semiconductors but also in various advanced industries such as physical AI, AI data centers, and green energy. He announced plans to soon unveil a '5 poles, 3 special growth engines' initiative aimed at maximizing regional characteristics and capabilities to achieve a transformation of national spatial development.
Gu made these remarks via his social media platform X, emphasizing the need for South Korea to mobilize all national resources, including manpower and land, to secure a competitive edge in advanced industries, similar to major countries.
His comments come amid ongoing political disputes regarding recent investment plans announced by Samsung Electronics and SK Hynix for semiconductor production facilities in the Honam region. The government and ruling party view this as a success for national balanced development and increased regional investment, while the opposition party has criticized potential political interference in corporate investment decisions.
Gu highlighted that breaking free from the overconcentration in the Seoul metropolitan area is a key challenge, stating, "Ultimately, the battleground for securing a competitive edge lies in the regions."
He further noted, "To lead the future global semiconductor ecosystem during this supercycle, we must not only paddle when the tide rises but also build larger ships in various locations. We need to expedite the establishment of the Yongin semiconductor cluster while increasing future semiconductor production bases in regions capable of local energy production and consumption."
Gu acknowledged that without the government's active support in terms of location, power, and water resources, the recent bold decisions by companies to invest in regional areas would have been challenging. He explained that companies were inevitably turning to overseas options.
He added, "The government will activate a comprehensive support system at all levels to ensure that the hard-won regional investments yield quick results."
Additionally, Gu stated that securing a competitive edge is necessary not only in semiconductors but also in various advanced industries such as physical AI, AI data centers, and green energy. He announced plans to soon unveil a '5 poles, 3 special growth engines' initiative aimed at maximizing regional characteristics and capabilities to achieve a transformation of national spatial development.
* This article has been translated by AI.
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