South Korea to unveil reported $649 billion chip, AI investment scheme
South Korean President Lee Jae Myung views a humanoid robot displayed before a assembly with representatives of protection firms to talk about ideas for beefing up the protection industry, at the Cheong Wa Dae presidential plight of work in Seoul, South Korea, 26 June 2026. Photo by YONHAP / EPA
June 28 (Asia Right this moment time) — South Korean President Lee Jae Myung is determined to unveil Monday three public-private mega-initiatives reportedly entertaining about 1,000 trillion obtained ($649 billion) in investment in semiconductors, man made intelligence data facilities and physical AI.
The initiatives are intended to advertise evolved industries outside the Seoul metropolitan dwelling while growing new sources of economic progress as Lee begins his 2d year rather than work.
Lee will preside over a public briefing on the three initiatives at the presidential compound in Seoul, in step with the presidential plight of work.
Samsung Electronics Executive Chairman Lee Jae-yong and SK Group Chairman Chey Tae-obtained are expected to attend and recent their firms’ investment plans. SK Group controls SK Hynix, indisputably one of South Korea’s two best semiconductor producers.
The heart-piece of the initiative is anticipated to be a semiconductor cluster in the southwestern Honam situation led by Samsung Electronics and SK Hynix.
The authorities furthermore plans to connect semiconductor production, AI data facilities and physical AI industries to set evolved industrial ecosystems throughout the Honam, Chungcheong and Yeongnam regions.
The presidential plight of work described the initiatives as segment of a regional pattern draw intended to in the low cost of the concentration of evolved industries in the Seoul dwelling and set new economic facilities in diversified areas in the nation.
Lee reportedly met one after the other with Chey on June 19 and Lee Jae-yong on Wednesday to talk about cooperation between the authorities and private firms on the semiconductor initiative.
The opposition Other folks Energy Celebration has criticized the scheme sooner than its formal announcement, arguing that semiconductor investment must serene be per access to electricity, water, knowledgeable workers and dealer networks in its place of regional pattern targets.
“Semiconductors are an ecosystem, no longer an electoral district,” the occasion mentioned, calling for an evaluate of the Honam situation’s economic feasibility and infrastructure sooner than investment selections are made.
Lee rejected claims that the authorities had forced firms to make investments in the placement.
He described the planned Honam semiconductor cluster as a “ancient fulfillment” and mentioned corporate executives had made up our minds to steal half due to this of they concluded that the investments would again their firms.
Responding to questions concerning the positioning, Lee mentioned Gwangju and South Jeolla Province had bought the best rating in the semiconductor category for the length of a authorities opponents to make a possibility genuinely expert national high-tech industry zones beneath the earlier administration.
“The matter turn into already formally confirmed beneath a Other folks Energy Celebration authorities,” Lee mentioned.
Particular areas, investment schedules and the division of spending among the many authorities and participating firms are expected to be introduced at Monday’s briefing.
— Reported by Asia Right this moment time; translated by UPI
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