South Korea has unveiled a major investment initiative in artificial intelligence (AI) and semiconductor industries. On Monday, President Lee Jae-myung announced plans to invest hundreds of billions of dollars over the next few years to strengthen the country’s leadership in these sectors. The televised announcement was attended by top executives from Samsung Electronics and SK Hynix, the world’s two largest memory chip producers.

President Lee said the initiative aligns his political commitments with national goals for AI and chip development. He emphasized the need for South Korea to secure control over key AI components faster than any other country, identifying semiconductors, physical AI, and AI data centers as the three main pillars of advancement. The plan also aims to revitalize economies outside the Seoul metropolitan area and reduce regional disparities.

According to local reports, the southwestern cities of Gwangju and South Jeolla Province will invest 520 trillion won (about 336.7 billion USD) in the projects, with total planned investments potentially exceeding 1,000 trillion won (651.4 billion USD) in the coming years.