President Moon Reports on 'K-Semiconductor Strategy'... Over 510 Trillion Won Investment Over 10 Years

Visit to Samsung Electronics Pyeongtaek Campus, Expectations for the World's Largest Semiconductor Production Base... Commitment to Leading the Global Semiconductor Supply Chain

[Asia Economy Reporter Ryu Jeong-min] On the 13th, President Moon Jae-in visited the 'Samsung Electronics Pyeongtaek Campus' in Gyeonggi Province to discuss the 'K-Semiconductor' strategy, which involves investing more than 510 trillion won over the next 10 years.

The Blue House explained on the 13th, "After going through the Emergency Economic Central Disaster and Innovation Growth Big 3 Promotion Meetings, the K-Semiconductor strategy was established, and the visit to the corporate investment site was to report this to the public," adding, "President Moon has shown special interest by designating system semiconductors as one of the three key industries along with future cars and bio industries for a leading economic transition."

President Moon conveyed his intention to build the world's best semiconductor production base at the center of the Korean Peninsula and to lead the global supply chain.

[Image source=Yonhap News]

In particular, major semiconductor companies such as Samsung Electronics, SK Hynix, Nepes, and Rebellion have decided to make large-scale investments totaling more than 510 trillion won over 10 years from 2021 to 2030.

The government plans to actively support the private sector’s investment of over 510 trillion won by creating the K-Semiconductor Belt, providing investment incentives such as tax, financial, and regulatory improvements, and expanding growth foundations including workforce training and technology development.

About 70 people attended this event, including government officials, semiconductor companies, demand companies, universities, and related organizations. Gyeonggi Province Governor Lee Jae-myung also attended. In addition to semiconductor companies such as Samsung Electronics and SK Hynix, fabless companies like Silicon Works, packaging companies like Nepes, and demand companies such as Hyundai Motor Company participated. From the government side, the Deputy Prime Minister for Economy, Deputy Prime Minister for Social Affairs, Minister of Trade, Industry and Energy, Minister of Science and ICT, and Chairman of the Financial Services Commission were present.

Meanwhile, at this event, three agreements were also signed to strengthen the semiconductor ecosystem: cooperation and solidarity between vehicle semiconductor demand and supply companies, public-private investment for training advanced semiconductor personnel, and investment in advanced equipment clusters.