[Advanced Industry Promotion] Yoon: "550 Trillion Won Private Investment in 6 Key Sectors Must Be Swiftly Realized" (Update)

President Yoon Chairs the 14th Emergency Economic and Livelihood Meeting
Advanced Industries as Core Growth Engines and Security Strategic Assets
300 Trillion Won Scale System Semiconductor Cluster in the Seoul Metropolitan Area

President Yoon Suk-yeol on the 15th urged that "more than 550 trillion won in private investment planned for six advanced industries, including semiconductors, by 2026 must be swiftly realized, and the government must provide seamless support in terms of location, research and development (R&D), workforce, and tax incentives."

President Yoon made these remarks during the 14th Emergency Economic and Livelihood Meeting held at the Blue House State Guest House in the morning, themed "Advanced Industry Development Strategy for the Future of the Republic of Korea." He stated, "Advanced industries are core growth engines and security and strategic assets, directly linked to our jobs and livelihood issues."

In his opening remarks, President Yoon pointed out, "The economic battlefield that recently began with semiconductors is expanding to the entire advanced industry sector, including batteries and future cars, and countries are sparing no large-scale subsidies and tax support to attract advanced industrial manufacturing facilities domestically. We already possess world-class technology and production capabilities in some fields such as memory semiconductors and OLED displays. The government must firmly support private investment for further growth."

He also confirmed plans to establish a national advanced industrial complex to build an advanced industry ecosystem. President Yoon emphasized, "Based on large-scale private investment amounting to 300 trillion won, we will establish the world's largest new advanced system semiconductor cluster in the metropolitan area. Additionally, we will grow the semiconductor mega cluster into the world's largest scale by linking the existing memory semiconductor manufacturing complexes, more than 150 domestic and foreign materials, parts, and equipment companies, and Pangyo fabless companies."

[Image source=Yonhap News]

He introduced plans to newly create 14 national advanced industrial complexes covering more than 33 million square meters (approximately 10 million pyeong) in local regions to foster advanced industries such as space, future cars, and hydrogen. President Yoon said, "The development of advanced industries is directly connected to overall economic growth as well as regional balanced development. During the last presidential election, I also stated that if local regions choose their comparative advantage sectors independently, the central government will firmly support them."

He continued, "This national advanced industrial complex creation plan is also led by the regions, presenting the top priority tasks that they judge to have comparative advantages to the central government. Accordingly, the government will relax land use regulations and establish national industrial complexes so that regions can nurture sectors they consider to have comparative advantages. The important thing is speed. The government will make every effort to ensure that what was announced today is swiftly implemented," he stressed.

Furthermore, he requested, "I hope the bill to expand the national advanced industry facility investment tax credit, which the government submitted to the National Assembly, will be passed as soon as possible."