South Korea's Lee Pledges to Double Chip Output in Five Years, Courts U.S. Investment
South Korean President Lee Jae Myung told a New York investment summit his country will double semiconductor production capacity within five years, build AI supply chains able to withstand external shocks, and widen access for global capital.
Lee made the pledge at the Korea Investment Summit in New York, an event attended by financial and corporate leaders from both South Korea and the United States and aimed at promoting U.S. investment in the country, according to Yonhap News Agency.
He pointed to the "three megaprojects" his government launched earlier this year to build a chip cluster and other AI facilities, saying the country "will double semiconductor production capabilities within the next five years by expanding a chip production hub."
"Additionally, (we) will build critical AI supply chains that are not shaken by any shocks," he said.
Lee said Seoul is reinvesting the results of the AI chip boom into a newly created "Future Fund," which is designed to nurture related industrial infrastructure and talent so that support for future industries remains stable.
On investment conditions, the president said his government would create market conditions favorable to global capital and carry out market reforms, pointing to legal revisions intended to enhance shareholder value and to an expansion of the foreign exchange market so that it operates around the clock.
"We will double down on efforts to create market conditions in which global capital can invest freely and at any time," Lee said. "Going forward, I will work to ensure more improvements take place."
"I guarantee that I will spearhead changes that can be felt by global investors by continuously reforming the capital and foreign currency markets," he added.
Lee also recalled his summit talks with U.S. President Donald Trump the previous day, saying the two discussed cooperation in shipbuilding, especially the construction of U.S. military vessels. "I expect that more tangible results may be generated in the future," he told the investor relations event.
He described South Korea and the United States as "key partners" that support each other in industry, the economy and security, and voiced hope that their cooperation would go beyond promoting prosperity to contribute to peace on the Korean Peninsula.
"South Korea will advance as the most trustworthy partner that the world needs," Lee said, appealing for investment in his country.