President Lee: Claims of pressuring Samsung over regional investment are outdated

South Korean President Lee Jae-myung has strongly refuted allegations that his administration pressured major corporations like Samsung and SK to make large-scale investments in regional areas. Addressing the issue at a public report session on advanced industries in the Chungcheong region, President Lee dismissed such notions as "outdated practices" reminiscent of past government-controlled administration.

“

If you think that I pressured Chairman Lee Jae-yong of Samsung, leading Samsung to make a large investment in the region, can businesses even operate like that?

"If you think that I pressured Chairman Lee Jae-yong of Samsung, leading Samsung to make a large investment in the region, can businesses even operate like that?" President Lee questioned. He asserted that the government's role is to persuade businesses and create an environment conducive to investment, rather than resorting to pressure. He stressed that in today's world, companies are not easily swayed by mere demands to relocate.

“

Past government-controlled administration thinking, thinking that you can force investment through pressure, is outdated.

President Lee elaborated that balanced regional development should not be approached as a mere "distribution of benefits." He acknowledged that local leaders might feel pressure to attract investment but urged against a fragmented approach. "The most important task now is balanced regional development, decentralization from the Seoul metropolitan area, and a growth strategy centered on the regions," he stated, emphasizing the need to support businesses in finding optimal locations.

“

The most important task now is balanced regional development, decentralization from the Seoul metropolitan area, and a growth strategy centered on the regions.

He further clarified that these investments are not "gifts." The government's job, he explained, is to create a situation where companies find it more advantageous to invest in specific regions due to mutually aligned interests. President Lee also praised Samsung Electronics Executive Chairman Lee Jae-yong's commitment to investing in the Chungcheong region, drawing parallels to the historical decision by the late Chairman Lee Byung-chul to enter the semiconductor industry in 1983, which propelled South Korea to semiconductor prowess. The planned investments, totaling 392 trillion won across semiconductors, AI data centers, displays, batteries, and bio-sectors in the Chungcheong region, are seen as a bold declaration of South Korea's potential.

“

This is not a distribution of gifts. The government's role is to create a situation where companies find it more advantageous to invest in specific regions.