Seoul: The government plans to enact a special law this year to designate special zones for investment projects related to artificial intelligence (AI), the presidential chief of staff announced Monday. This move comes as Seoul seeks to accelerate the implementation of these projects.
According to Yonhap News Agency, Presidential Chief of Staff Kang Hoon-sik unveiled the plan during a press briefing, following a meeting led by President Lee Jae Myung to evaluate progress on the projects. The Lee administration had previously announced the "three megaprojects" in late June, which include plans for substantial investments in a semiconductor production cluster, physical AI, and AI data centers in regional areas.
Under the chip cluster project alone, leading chipmakers Samsung Electronics Co. and SK hynix Inc. have pledged to invest a combined 800 trillion won (US$564.9 billion). This marks the single-largest investment plan to date in the southwestern city of Gwangju and the surrounding Honam area. The initiative also involves significant investments in Chungcheong Province and the southeastern Yeongnam region.
The proposed special law on megaproject zones aims to streamline licensing and approval procedures, as well as environmental impact assessments, according to the chief of staff. It will also allow the government to swiftly establish infrastructure for electricity and water supplies, along with improving living conditions for workers, including transportation, housing, and education.
During the meeting, President Lee emphasized the necessity of making every effort, including through deregulation, to expedite the investment initiative. He asserted that all necessary administrative steps should be pursued simultaneously to reduce the time required for implementation, stressing the importance of improving regulations to ensure swift execution.
"We are in a situation where we must go beyond being speedy and move with the speed of lightning," President Lee stated. He also directed officials to transfer the Gwangju military airport's functions to other temporary facilities by 2028 to facilitate its transformation into a semiconductor production hub.
The overarching goal of the investment initiative is to distribute the pillars of growth across the country and establish regional areas as new centers of future industries, President Lee insisted. He expressed hope that the benefits from these achievements would not be limited to specific companies or regions.
Looking ahead, President Lee described the following year as a "golden time" that could usher in a new era for South Korea, depending on "how we prepare," urging officials to exert every effort. Kang noted that the government aims to complete the transfer of the Gwangju military airport's functions by 2028 and initiate the implementation of investment projects in the Chungcheong and Yeongnam regions this year, valued at 246 trillion won and 107 trillion won, respectively.