On July 2, the Ministry of Trade, Industry and Energy held a national briefing on the Chungcheong advanced industry development vision in Asan, South Chungcheong Province, with representatives from Samsung, SK Hynix, and Celltrion. This event follows the national briefing on the three mega projects for South Korea's leap forward held on June 29.
During the briefing, companies announced their investment plans for the Chungcheong advanced industries. Samsung plans to invest approximately 140 trillion won in OLED and next-generation display lines, HBM fabs and packaging, high-performance package substrates for AI servers, and cutting-edge battery manufacturing methods.
SK Hynix will invest about 100 trillion won in NAND and advanced packaging fabs, while Celltrion will allocate 2 trillion won for biopharmaceutical production facilities. An additional investment of around 150 trillion won is expected for AI data centers, bringing the total investment in the Chungcheong region to approximately 392 trillion won.
The government is committed to ensuring that the investment plans for advanced industries in the Chungcheong region proceed without delays, providing strong incentives and regulatory relief.
Kim Jeong-kwan, Minister of Trade, Industry and Energy, emphasized during the briefing that "Chungcheong has been the core engine driving South Korea's industry from its center, like an engine in a car." He added, "To run vigorously toward the future, a new growth engine must ignite in Chungcheong."
He also stated, "Chungcheong is synonymous with connectivity, where people, technology, and industries converge. In this era of fierce global competition, the industrial capabilities and assets accumulated in Chungcheong have the potential to lead South Korea's future as a new engine of innovation."
The government will implement a package of seven policy measures, termed the "investment support booster," which includes financial, regulatory, technological, tax, workforce, and infrastructure support. A key component will be designating a "mega special zone" to significantly ease complex regulations for investment companies.
Specifically, the government will establish special subsidies for growth engines and provide large-scale investment funds through national and regional growth funds. It will designate mega special zones to grant the highest level of regulatory exceptions and support large-scale research and development projects centered around anchor companies.
Tax incentives for local businesses and workers will be provided, and efforts to enhance workforce development will be accelerated. Specialized zones for national strategic industries and materials, parts, and equipment will also be established to support infrastructure development.
The government aims to foster a regional industrial ecosystem through innovation in academia, industry, and research. The goal is to activate innovation in the display, semiconductor, secondary battery, and biotechnology sectors, centered around investment companies.
To facilitate swift corporate investments, the government will establish a dedicated inter-agency support organization, the "Chungcheong Advanced Strategic Industry Leap TF," and aims to prepare a comprehensive support plan for Chungcheong investments within 100 days. This initiative will address challenges related to business location, permits, power, water, workforce, and financing quickly.
President Lee Jae-myung, who attended the briefing, stated, "If strategic investments from companies and the government's strong commitment come together, Chungcheong will rise as a global center of innovation leading the AI era, beyond just being the hub of South Korea's advanced industries." He emphasized, "We will not miss this significant opportunity to align the centers of balanced development and advanced industries."
* This article has been translated by AI.
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