Korea to Invest Heavily in High-Tech Clusters

The government will designate 15 new high-tech industrial complexes across the country to nurture the computer chip, future vehicle and space industries. 

As part of that project, Samsung will invest W300 trillion by 2042 to build five new semiconductor plants in Yongin, Gyeonggi Province (US$1=W1,304).

The government announced the plan with some fanfare at the former presidential palace of Cheong Wa Dae on Wednesday.

The aim is to get private businesses to invest W340 trillion in the semiconductor cluster, W62 trillion into displays, W39 trillion into rechargeable batteries, W13 trillion into biotechnology, W95 trillion into future vehicles and W1.7 trillion into robotics by 2026.  

Samsung will create the world's biggest semiconductor cluster in Yongin connected with exiting factories in Giheung, Hwaseong, Pyeongtaek and Icheon. Creating industrial ecosystems outside of the Seoul metropolitan region will cost it W60.1 trillion over the next decade.

LG Group pledged to invest W54 trillion over the next five years in future growth sectors, including W44 trillion for next-generation displays and around W10 trillion for artificial intelligence, software, biotechnology and clean technology.

Other mini-Silicon Valleys are to be set up in the Chungcheong, Jeolla, South Gyeongsang and Gangwon provinces, attracting businesses specializing in semiconductors, future vehicles, space exploration and nuclear power. A support committee will assist in the endeavor.

President Yoon Suk-yeol said, "Global competition at present is a matter of life or death and we have no time to waste."