Seoul: President Lee Jae Myung on Monday emphasized the need for the rapid execution of South Korea's government-led chip cluster and AI investment projects by advocating for the acceleration of administrative procedures, including the streamlining of environmental impact reviews.
According to Yonhap News Agency, President Lee made these remarks during a meeting with senior government officials and top executives from leading chipmakers Samsung Electronics Co. and SK hynix Inc. The meeting aimed to discuss the next steps for the recently unveiled "three mega projects" initiative, which focuses on large-scale investments in semiconductors, physical artificial intelligence (AI), and AI data centers. These projects are seen as pivotal for South Korea's economic future, with Samsung and SK pledging a combined 800 trillion won (US$522 billion) towards establishing a semiconductor production cluster in the southwestern Honam area.
President Lee highlighted the fierce global competition and the transformative potential of AI technologies. "The world is witnessing very intense competition, while an entirely new future is being shaped around AI," he stated. He further stressed the importance of swift action, noting that those who move first and faster will have a significant advantage in the ongoing global race.
To ensure the success of these projects, Lee urged the government to proactively identify and address potential challenges, allowing companies to concentrate solely on investment and operations. He called for the elimination of delays in administrative procedures, particularly in the environmental impact reviews for the chip cluster plan.
Lee proposed that mandatory administrative procedures be conducted simultaneously rather than sequentially to expedite the projects. He also emphasized the need to immediately secure electricity and water supplies for the proposed chip cluster, rather than waiting for the completion of preliminary procedures.
Inside Cheong Wa Dae, Lee announced plans to establish a dedicated team focused on the mega projects, pledging his full support for their successful execution. He also urged government and corporate officials involved in the projects to quickly finalize the location sites to facilitate swift progress.