South Korea’s Samsung Group and SK Group are poised to announce as much as 2,000 trillion won ($1.3 trillion) of investments over the next decade as part of President Lee Jae Myung’s flagship industrial strategy, Korea Economic Daily reported Monday.
The two groups are expected to unveil the package when their leaders present the plans at the presidential office on Monday, the newspaper said without saying where it obtained the information.
Samsung Electronics Co. and SK Hynix Inc. are each expected to build four to five semiconductor fabs in the Gwangju area, the newspaper said. Samsung is also expected to build chip packaging plants in South Chungcheong province while SK Hynix will expand NAND plants in North Chungcheong province, the newspaper added.
President Lee will introduce the “Three Mega Projects for the Great Leap Forward” initiative at a 2 p.m. event, South Korea’s presidential office said on Sunday. Presidential spokesperson Kang Yu-jung said officials from the industry, science, climate and land ministries will outline the government’s policy measures before Samsung and SK present their investment plans.
Read more: S. Korea to Unveil ‘Three Mega Projects’ With Samsung, SK Group
The latest report pointed to a combined investment commitment of as much as 2,000 trillion won over 10 years, exceeding an earlier Maeil Business Newspaper report that said Samsung alone was expected to announce more than 1,000 trillion won ($646 billion) in spending.
Presidential policy chief Kim Yong-beom said in a YouTube interview Friday that “very unusual” figures would be unveiled on June 29, when Lee hosts the meeting with major companies. The plans are expected to focus on sectors including semiconductors, AI data centers and physical AI.