In a significant move to boost regional investment in key technology sectors, South Korean President Lee Jae Myung will meet with leaders of the nation’s largest conglomerates, including Samsung Electronics, SK Group, Hyundai Motor Group, and LG Group, on June 29. The meeting aims to unveil a strategic plan that targets advancements in artificial intelligence, semiconductors, advanced materials, batteries, and future mobility technologies.
This initiative is a central element of President Lee’s broader agenda to foster balanced national development, particularly by incentivizing investments beyond the Seoul metropolitan area. The government plans to introduce a variety of incentives, such as tax breaks and regulatory adjustments, along with improved support for essential resources like electricity and water, and enhanced workforce development. During the meeting, participating companies are expected to announce their new investment commitments as part of this collaborative effort.
In preparation for the announcement, President Lee has been actively engaging with business leaders, including scheduled discussions with Lee Jae-yong and recent consultations with Chey Tae-won. The administration’s strategy is designed to create regional industrial hubs that can attract investments in AI and semiconductors, while also strengthening connections between universities, research institutions, startups, and suppliers. Officials are optimistic that this could lead to the creation of high-quality jobs and help counteract the population drift towards Seoul.
Industry analysts suggest that new semiconductor projects outside the capital are likely to focus on advanced packaging and testing facilities, rather than large-scale wafer fabrication plants, which require significant infrastructure and are typically concentrated in existing semiconductor hubs. Previous government efforts to promote regional development faced obstacles such as labor shortages, permitting delays, and limited infrastructure. Experts note that the success of Lee’s plan will hinge on the government’s ability to provide effective support and establish attractive conditions for sustained investment.