President Lee Jae-myung on the 6th, regarding the "three mega projects" under which corporations will invest 4,700 trillion won in advanced industries such as semiconductors and artificial intelligence (AI), said, "Even if public officials in charge of the national finances cannot cooperate, I hope they will at least not stand in the way." The remark directly pushed back against recent criticism from the opposition, including the People Power Party, such as "Honam favoritism," "arm-twisting corporations for votes," and "deceiving the public."
That morning at Cheong Wa Dae, Lee presided over the "mega project public-private joint review meeting," referred to the large-scale project as a "historic task," and spoke accordingly. He also said, "While Korea does not lead the world in land size or population size, it can fully become an irreplaceable powerhouse," and, "This is an opportunity, so we must create the starting point for a new Korea."
Lee said, "Some people, on the premise that this is a realistically possible situation, protest, 'Why is it going only to one side (Honam)?' 'Why were we left out?,' and then with the same mouth claim, 'It's a fraud,' 'It's impossible,' 'It's an event and deception.'" He added, "Is it right for public officials in charge of the national finances to take such an attitude? Do just one thing," and said, "I would appreciate it if you did not obstruct in this way."
▲ 800 trillion won to build four fabs in Honam… opposition says, "holding a party convention with corporate capital"
Following its public briefing, Cheong Wa Dae on the 29th of last month released the investment scale of the "Korea three mega projects," centered on establishing a semiconductor cluster in the Honam region by Samsung Electronics and SK hynix, as ▲ southwest region 896 trillion won ▲ Chungcheong region 392 trillion won ▲ Yeongnam region 312 trillion won. The 4,700 trillion won figure is the aggregates including the expense of projects in the Seoul metropolitan area such as Yongin and Pyeongtaek. The crux is that Samsung Electronics and SK hynix will each build two semiconductor fabs in Gwangju, four in total, into which 800 trillion won will go. That is more than Korea's budget for this year of 728 trillion won.
After the national briefing, Cheong Wa Dae toured Gwangju (southwest region), Asan (Chungcheong region), and Jinju (Yeongnam region) in sequence on the 30th of last month and held the "advanced industry development vision national briefing sessions." Each time, representatives from Samsung Electronics and SK hynix announced region-by-region investment plans. Kim Yong-gwan, president of Samsung Electronics, and Kwak Noh-jung, president of SK hynix, also attended the public-private joint review meeting that day.
Some within the People Power Party are also raising the need for a parliamentary investigation and a special prosecutor regarding the mega projects. The opposition argues that Lee pressured corporations to force astronomical investment in specific regions and is seeking to gain the high ground in the next power contest. People Power Party floor leader Jeong Jeom-sik said, "This is conducting a pre-campaign for the Democratic Party convention with taxpayers' money and big-corporation capital," and added, "Strictly uphold the fairness and transparency of procedures regarding the astronomical investments. There is no reason we cannot conduct a parliamentary investigation."