SEOUL: South Korea is poised to announce three "mega-projects" to drive its next phase of economic growth. The centerpiece is a new semiconductor hub in the nation's underdeveloped southwest, a project local media say could attract hundreds of billions of dollars in investment from giants like Samsung and SK over several years.
President Lee Jae Myung will preside over the announcement, framing it as a national "great leap." The package focuses on semiconductors, AI data centers, and robotics, and includes extensive government support for power, water, land, and workforce training.
Samsung Electronics chairman Jay Y Lee and SK chairman Chey Tae-won are expected to present their firms' investment plans. South Korea is home to the world's two largest memory chipmakers, whose high-bandwidth memory (HBM) chips are critical for advanced AI systems.
President Lee defended the plan on social media, calling it a "national survival strategy" to ease regional imbalances and expand capacity for the AI era, rejecting criticism that it is politically motivated. The announcement comes as his approval rating has slid for six consecutive weeks.