South Korea Pledges Presidential Oversight for Semiconductor Mega Projects

South Korean President Lee Jae-myung has committed to taking direct responsibility for accelerating administrative processes crucial for the nation's "three mega projects" aimed at boosting the semiconductor industry. During a joint public briefing on these initiatives held at the Blue House on June 29, 2026, Lee promised to establish a dedicated task force within the presidential office to oversee the projects until the end of his term.

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Fast-track administrative support is desperately needed to increase investment speed. If a dedicated department handles these procedures quickly, including for the Yongin National Industrial Complex, it will greatly help companies invest rapidly and enhance their business competitiveness.

Industry leaders, including Samsung Electronics Vice Chairman Jeon Young-hyun and SK Group Chairman Chey Tae-won, presented their demands to the government. Jeon emphasized the urgent need for "one-stop administrative support" to speed up investment and enhance business competitiveness, particularly for the Yongin National Industrial Complex. He also called for bolder policy support for essential industrial infrastructure like electricity and water, vital for the AI era, and significant improvements in living conditions for workers.

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The government must also be prepared. I will personally take responsibility for fast-track, one-stop administrative procedures and create a dedicated project team within the Blue House to ensure thorough management until the projects are completed.

SK Hynix President Kwak Noh-jung requested that the Yongin industrial complex be classified under a special law to receive benefits, as it is currently categorized as a general industrial complex. President Lee responded by assuring that the central and local governments would share responsibility for infrastructure development, including power and water. He mentioned potential government support of up to 20 trillion won annually for regional development, which could be fully invested in such projects.

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The central and local governments will share responsibility for infrastructure such as electricity and water.

Lee also addressed the issue of electricity costs, advocating for renewable energy sources like solar and wind power. He stressed the principle of "local production for local consumption" (Jisan-jiso) to ensure fair electricity distribution and support balanced regional development. Furthermore, he announced significant investments in improving residential conditions, ensuring workers have access to adequate education, family life, and living standards comparable to the Seoul metropolitan area. Lee stated that increased tax revenue from semiconductor companies would be reinvested, fostering a sense of partnership.

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We will make large-scale investments to improve residential conditions. It is very important that workers receive adequate education in the region, start families, and enjoy a life comparable to the Seoul metropolitan area.