Major corporations including Samsung Electronics, SK hynix, and Celltrion will invest a total of KRW 392 trillion in the Chungcheong region across semiconductors, displays, secondary batteries, and bio industries. This specifies the blueprint for fostering advanced industries in the Chungcheong region, following the Honam region, as part of the “Three Mega Projects for a Great Leap Forward” announced by the government on the 29th of last month. President Lee Jae-myung stated, “We will never miss this critical opportunity to fully align balanced development hubs with advanced industry hubs,” adding, “The government will mobilize all available means to actively support companies so that their bold decisions can bear fruit.”

On the occasion of the “National Briefing on the Vision for Advanced Industry Development in the Chungcheong Region” held in Asan, South Chungcheong Province, on the 2nd, major companies such as Samsung and SK announced investment plans totaling KRW 392 trillion. In detail, Samsung announced it would invest KRW 140 trillion in semiconductors, including high-bandwidth memory (HBM) fabs and packaging, and in displays such as organic light-emitting diodes (OLED). SK hynix allocated KRW 100 trillion to establish semiconductor production bases, including NAND flash and advanced packaging. Celltrion also announced plans to invest around KRW 2 trillion in bio-pharmaceutical production facilities. In addition, KRW 150 trillion in investment is being pursued for the establishment of artificial intelligence (AI) data centers.

President Lee said that the three mega projects “must not be approached in a fragmented way.” He continued, “The most important tasks now are balanced development, dispersal of the Seoul metropolitan area, and region-centered growth,” and added, “We must support companies so that they can locate in the best possible sites. This is not about distributing gifts.”

He further said, “In this day and age, there is no case where a company relocates just because pressure is applied,” adding, “Some people have this outdated notion that I pressured Samsung Electronics Chairman Lee Jae-yong into making such a decision, but investment attraction cannot be done that way. It is impossible.” At a senior presidential aides’ meeting on the same day, President Lee also stated, “This is not a simple act of beneficence toward the provinces, but the only path for the Republic of Korea to become the ultimate winner of the Fourth Industrial Revolution and a historic decision for future generations.”

Chairman Lee, who attended the event, said, “We were able to confirm in Chungcheong a model virtuous cycle in which preemptive investment drives corporate growth, and that growth leads to the development of not only the region but the entire nation,” adding, “The future outcome in the AI era depends on the materials and components that drive AI, and this is directly linked to Samsung’s future as well.” He emphasized, “This is now a decisive moment when the framework of the global economy is shaking.”

The government plans to launch a “Seven Investment Support Booster Programs” package encompassing fiscal, financial, regulatory, technological, tax, human resources, and infrastructure support, and to designate and operate “mega special zones” to ease complex regulations.

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