South Korean President Lee Jae Myung on Monday, June 29, announced an 800 trillion won ($520 billion) public-private investment plan alongside Samsung Electronics and SK Hynix to expand the country's chipmaking capacity, a move the government framed as essential to keeping South Korea competitive in the global artificial intelligence race. Lee unveiled the plan in a televised state address at his office in Seoul, flanked by Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won, the leaders of the world's two largest memory chipmakers.
"Right now is truly a decisive moment, as the landscape of the global economy is being reshaped," Lee said in televised remarks. "Major countries, including the U.S. and China, are engaged in all-out competition with massive stakes." He added that only through cooperation between the private and public sectors could South Korea hope to triumph. Industry Minister Kim Jung-kwan said the plan would let the country rapidly expand production by sharply shortening the timeline from licensing to construction.
