President Lee Jae Myung announced on June 29 massive investment plans by Samsung Electronics and SK Hynix totaling 800 trillion won for a new semiconductor cluster. The move is part of three megaprojects focused on semiconductors, physical AI and AI data centers.
President Lee stressed that existing facilities in Yongin and Pyeongtaek have reached capacity limits and called for a new production cluster in the southwest region. Samsung pledged total investments of 2,655 trillion won and SK Group 2,100 trillion won, with portions directed to Gwangju and Jeolla.
The ruling Democratic Party welcomed the projects as new growth engines. The main opposition People Power Party criticized them as politically motivated.
The government promised infrastructure support including electricity and water supplies, and pledged to streamline permits. Lee praised Samsung Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won as national heroes.
