South Korea announces a massive investment plan in AI and semiconductors
President Lee Jae Myung announces major projects to strengthen technological leadership and revitalise the economy of the south-western regions, with the support of Samsung and SK Hynix
South Korea has launched ambitious mega-projects in the chip and artificial intelligence, with President Lee Jae Myung pledging to consolidate the country’s industrial leadership through investments amounting to hundreds of billions of dollars over several years.
The announcement marks Lee’s boldest move yet to align South Korea’s ambitions in the fields of artificial intelligence and semiconductors with his commitment to reducing regional disparities and revitalising economies outside the Seoul metropolitan area.
At the television presentation, Lee was flanked by senior executives from Samsung Electronics and SK Hynix, the world’s two largest memory chip manufacturers.
“We must secure the key elements of artificial intelligence faster than any other country,” said the president. “Semiconductors, physical artificial intelligence and AI data centres are the three pillars of our great leap forward.”
The projects are expected to attract investment, including from Samsung and SK, over the coming years. Lee said that the south-western city of Gwangju and South Jeolla Province would also invest 520 trillion won ($336.7 billion) in the projects.
