With Cheong Wa Dae having released an investment plan by Honam-region corporations worth 896 trillion won, including four new semiconductor fabs in Gwangju, President Lee Jae-myung on the 30th addressed political criticism of "Yeongnam discrimination," saying, "It is true that Honam has suffered many difficulties through exclusion and discrimination, and that in some respects this has become an opportunity in disguise."
At a joint Cabinet meeting and emergency economic review meeting that day, Lee said, "It is clearly a fact that there was discrimination between Yeongnam and Honam, and fortunately new circumstances have created a situation that can at least somewhat ease that imbalance."
Lee said, "As (Honam) was left unattended for a long time and excluded from development, there is, conversely, an aspect in which water supply, power, sites, and land have been well preserved," adding, "Now, in advanced industries, especially those related to semiconductors, power, water, and land are the most important factors, but in the Seoul metropolitan area it is no longer possible to secure sufficient power and water, and even what is currently planned is hard to sustain, so special measures are needed."
He went on, "Just in time, the artificial intelligence (AI) boom has created a need for large-scale investment, and because Honam happened to have available capacity, we were able to reach this decision," adding, "If you look only at this matter itself, it is true that investment in the Honam region is somewhat larger, but compared with the amount of investment accumulated historically, it is nothing more than a drop in the bucket." He also said, "Please understand this as a very fortunate outcome for balanced national development on which the future of the Republic of Korea depends."
The previous day, Lee presided over the "Republic of Korea three mega projects national briefing" and unveiled a supersized "future industry investment" plan worth 4,700 trillion won by Samsung Electronics and SK Group. Of that, 3,500 trillion won will be invested to foster the semiconductor industry. According to Cheong Wa Dae, excluding semiconductor fabs under construction in the Seoul metropolitan area, the scale of regional investment is ▲ Honam 896 trillion won ▲ Chungcheong 392 trillion won ▲ Yeongnam 270 trillion won (provisional).