President Lee Jae-myung on the 3rd said, "Yeongnam will now take one more step from being No. 1 in domestic manufacturing to aiming for No. 1 in global manufacturing," adding, "Among them, in particular, aerospace will become a new growth industry that Yeongnam will foster for Korea." As the Blue House, as part of the "Korea's three mega projects," is encouraging large-scale investments by major domestic corporations outside the capital region, Hanwha, Hyundai Motor, Samsung, and SK Group said that day they would invest at least 312 trillion won in the Yeongnam region.
Presiding over the "national briefing on the Yeongnam region advanced industry development vision" in Jinju, South Gyeongsang, that day, Lee said, "We will begin in earnest to build a South Coast aerospace industry belt that consolidates satellites and launch vehicles, future aircraft and space, and new industries," adding, "The government will mobilize all its capabilities to actively support the Yeongnam region's aerospace corporations, which will take on the role of the central axis, so they can grow into top-tier global corporations."
Lee said, "Various advanced industries that will be responsible for national economic security and future jobs—semiconductors and robots, shipbuilding and automobiles, aerospace, petrochemicals and energy—are densely clustered within the Yeongnam area," adding, "If we fuse cutting-edge technologies and industries such as physical AI and aerospace onto Yeongnam's solid manufacturing base, Korea will surely lead the future global market."
He went on to say that 80% of production in shipbuilding, a core domestic industry, takes place in Yeongnam, and that 61% of aerospace, 58% of defense, and 44% of automobiles are also made in the Yeongnam region, adding, "This means large-scale investments to foster advanced industries will be added on top of Yeongnam's solid foundation." He added, "The government promises to respond by mobilizing national capabilities to match the bold moves of corporations that have decided on large-scale investments."
Hanwha Group Vice Chairman Kim Dong-Kwan, Samsung Electronics CEO Roh Tae-Moon, Hyundai Motor Group Vice Chairman Chang Jae-hoon, SK Telecom President Jung Jai-hun, and Doosan Enerbility Vice Chairman Jung Yeon-in, who attended the briefing that day, each took the stage to directly announce each corporation's investment plans for future industries in the Yeongnam region. Total investment amounts to 312 trillion won.
Samsung will invest about 60 trillion won in the Yeongnam region to build AI manufacturing innovation hubs such as humanoid robots and AI data centers, and to establish production lines for batteries and multilayer ceramic capacitors (MLCC). SK Group will spend 140 trillion won on AI data centers with more than 2 gigawatts (GW), and Hyundai Motor Group will invest 42 trillion won to nurture next-generation industries such as AI-based autonomous driving cars and future manufacturing, aviation and space, and energy.
The government plans to back up corporate investments by promoting: ▲ a review to designate small modular reactors (SMRs) as national strategic technologies ▲ creation of a tax system to promote domestic production ▲ financial support through the establishment of the Southeast Region Investment Corporation ▲ new special subsidies for the five poles and three specials growth engine ▲ creation of national industrial complexes in the Yeongnam region ▲ designation of a Yeongnam mega special zone and rationalization of regulations.
Lee said, "The central government will push forward a bold package of support that bundles tax, fiscal, financial, and regulatory infrastructure," adding, "We also ask local governments to swiftly process various permits and authorizations so they can provide close support at the side of corporations, and we trust they will do so."