South Korea unveils $518 billion plan for new semiconductor hub
South Korea plans to invest 800 trillion won ($517.9 billion) to develop a new semiconductor manufacturing cluster in the country's southwest, creating four memory chip fabrication plants, Qazinform News Agency cites Yonhap.
Industry Minister Kim Jung-kwan announced the plan during a national investment briefing chaired by President Lee Jae Myung. The new cluster in the Gwangju and Jeolla regions will complement the country's existing semiconductor hub around Seoul, easing pressure on infrastructure and meeting rising global demand for chips.
The semiconductor project forms part of the government's "three mega projects" initiative, which also includes major investments in artificial intelligence and AI data centers. Additional plans include developing the Chungcheong region into an advanced semiconductor packaging hub and expanding the Daegu and North Gyeongsang regions as centers for semiconductor materials, components, and equipment.
To accelerate investment, the government will streamline approval procedures, advance construction timelines for new fabrication plants by up to 12 years, and invest in power and water infrastructure.
The government also announced plans to invest 30 trillion won over the next 15 years to support the semiconductor value chain, from research and chip design to manufacturing and testing.
Beyond semiconductors, South Korea aims to strengthen its AI-powered robotics industry and increase its share of the global humanoid robot market from 1% to 20% over the long term. The government also plans to invest about 550 trillion won by 2029, in partnership with major companies including SK Group, GS Group, and Naver, to expand the country's AI data center capacity, with total investment expected to exceed 1,000 trillion won by 2035.
Earlier, it was reported South Korea pushes to the lower criminal age limit to 13 amid rising teen violence.