South Korean President Lee Jae-myung Urges Acceleration of Major Chip Projects

en.Wedoany.com Reported - South Korean President Lee Jae-myung on Monday ordered officials to swiftly launch major chip and artificial intelligence projects, emphasizing that speed is the key to determining victory or defeat.

He warned that delays in permitting, land acquisition, and securing electricity and water supplies could undermine South Korea's efforts to dominate advanced industries. Speaking at a government meeting, Lee stated that in the current situation, victory hinges on the speed of action and seizing the initiative, with speed being the sole critical factor.

Lee noted that the Yongin industrial complex took six years from site confirmation to construction commencement, a pace already considered fast. He called for further shortening approval processes such as environmental assessments and converting sequential procedures into parallel ones.

Lee demanded that electricity and water supply infrastructure be secured in advance, stating that electricity is particularly crucial for chip projects. Despite the expansion of renewable energy, companies remain concerned about baseload power supply, and he ordered officials to address these issues proactively.

South Korea last week unveiled an investment plan for the chip and AI industry exceeding $576 billion, aimed at securing global leadership and driving economic growth outside the capital region. Samsung Electronics and SK Hynix will each invest 400 trillion won ($260 billion) to build new chip manufacturing bases in southwestern South Korea, while an additional 81 trillion won is expected to be invested in a chip packaging cluster in the Chungcheong region.

Lee also urged government officials and corporate executives to begin discussions on specific site selections for the projects.