South Korea has expedited the approval of the Yongin Semiconductor National Industrial Complex. The strategic project aims to bolster the nation's semiconductor industry amid global competition and security concerns.
According to Yonhap News, Business Korea, and Maeil Business Newspaper, South Korea's Ministry of Land, Infrastructure, and Transport approved the designation of the Yongin Semiconductor National Industrial Complex three months ahead of schedule to fast-track the development of the industrial park that is expected to become South Korea's semiconductor powerhouse.
South Korea is planning to undertake subsequent measures aimed at commencing construction of the site in 2026, with the first operation of the semiconductor plant anticipated in 2030. Samsung Electronics operates several facilities in Yongin. SK Hynix also plans to invest in chip facilities in the area.
The Yongin Semiconductor National Industrial Complex is a large-scale project covering 7.28 million square meters. It will feature six major semiconductor fabs, three power plants, and over 60 small to medium suppliers focused on materials, parts, and equipment. The initiative aims for KRW360 trillion (approx. US$246.4 billion) in private investment, potentially creating 1.6 million jobs and adding KRW400 trillion in value.
The government plans to build a residential area for 16,000 households alongside parks and essential facilities for workers. To accommodate increased demand by 2030, transportation infrastructure, including expressways and railways, will also be expanded.
On December 26, a ceremony was held at Samsung Electronics' Giheung Campus in Gyeonggi Province to mark the approval of a significant development plan.
Yong-Kwan Kim, president of Samsung Electronics' DS division, urged support for the scheduled establishment of the Yongin complex to boost South Korea's semiconductor sector and economy. Kim highlighted that major global powers, including the US, China, and the EU, heavily invest in their semiconductor industries for national security, underscoring the need for similar initiatives.
He stressed the necessity of infrastructure expansion, such as road development, to mitigate potential traffic issues, drawing parallels with the challenges faced during the formation of another plant in Gyeonggi Province.