SEOUL, July 01 (AJP) - South Korean President Lee Jae Myung said on Tuesday he would personally oversee the simultaneous development of the country's Yongin and proposed southwest semiconductor clusters, pledging government support to ensure the projects proceed without delay.
Speaking at a public briefing on the southwest advanced industry development vision in Gwangju, Lee said the government would take direct responsibility for advancing the projects as part of its recently announced "Three Mega Projects" initiative.
Lee said Samsung Electronics Chairman Jay Y. Lee and SK Group Chairman Chey Tae-won had originally planned to complete the Yongin semiconductor cluster before moving to another large-scale investment project, but the government encouraged the companies to pursue both simultaneously to meet rapidly growing semiconductor demand.
"I suggested that the two projects move forward at the same time because demand for semiconductors is increasing so rapidly," Lee said.
The president said the southwest project was driven by commercial considerations rather than government pressure, citing constraints on water and electricity supply in the Seoul metropolitan area, as well as lower land costs, ample development sites and infrastructure support offered by local governments in the southwest region.
Lee said the government's role was to create conditions that would allow companies to make economically viable investment decisions while ensuring they could operate competitively outside the capital region.
The president also pledged full government backing for the project, including the timely provision of industrial land, electricity and water infrastructure, regulatory reviews and fiscal and tax incentives for investors.
He said a special committee on semiconductor industry competitiveness, scheduled to launch alongside the implementation of the Semiconductor Special Act in August, would serve as the project's control tower, with Lee himself chairing the body. A dedicated presidential task force will also be established to prevent delays in project execution, he added.
Lee said balanced development between the capital region and other parts of the country would be essential to strengthening South Korea's semiconductor industry, adding that he aims to make the southwest region a new base for the country's artificial intelligence-driven industrial growth.
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