Samsung and SK to Invest 475.5 Trillion Won in Major Projects

Samsung Electronics and SK Hynix will invest a total of 475.5 trillion won to foster advanced future industries.

President Lee Jae-myung announced on June 29 that he will personally oversee the "Three Major Mega Projects" through a dedicated office at the Blue House. This nationwide investment plan aims to accelerate government operations in its second year.

During the national briefing held at the Blue House, President Lee stated, "South Korea is at a turning point for a new leap forward." He emphasized that this year must mark the beginning of an irreplaceable South Korea, with the key task being a leap to become a leading industrial nation.

He identified semiconductors, physical AI, and artificial intelligence data centers as the three pillars for this leap.

Regarding the semiconductor industry, he stressed the need to rapidly complete existing production bases to meet the surging demand. "We must secure overwhelming supply capacity through large-scale new investments in the southwestern region," he said.

He noted that existing facilities centered in Yongin and Pyeongtaek have reached their limits, stating, "We must accelerate the pace of supply for the southwestern facilities."

President Lee highlighted the importance of establishing data centers across the country to create a virtuous cycle of industrial innovation, where data collected on-site through physical AI is gathered back to data centers.

He remarked, "When these three pillars operate organically like gears, South Korea will leap to become a global leader in the AI revolution and a leading industrial nation with a significant edge."

The president repeatedly emphasized the need for speed in the semiconductor industry, stating, "Now is the time for decisive action as the global economic landscape is shifting. Only speed can ensure our survival."

He explained the rationale behind designating the Honam region as a new hub, noting that its long-term neglect has turned into an opportunity. "The area has abundant water resources and is particularly rich in renewable energy, especially along the southwestern coast," he added.

President Lee promised active government support, emphasizing that balanced national development aligns with corporate interests.

Following the briefing, he assured that he would take personal responsibility for expediting administrative and infrastructure support requested by companies. "I will establish a dedicated team at the Blue House to ensure this project is managed effectively until its completion and throughout my term," he stated.

Notably, President Lee expressed gratitude to Lee Jae-yong and Chey Tae-won, who announced the investment plans, referring to them as "national heroes" and "people's heroes," bowing at a 90-degree angle. Both executives returned the gesture and shook hands with the president.

Standing alongside the two executives, President Lee remarked, "While companies operate for profit, they can also work for the future of our national community. I want to recognize these two as national heroes or people's heroes on behalf of our business leaders."