Seoul: President Lee Jae Myung has urged the swift execution of the government-led chip cluster and AI investment projects by reducing administrative hurdles, including simplifying environmental impact assessments.

According to Yonhap News Agency, President Lee made these remarks during a meeting with senior government officials and top executives from major chip manufacturers, Samsung Electronics Co. and SK hynix Inc., focusing on the progression of these investment initiatives. Last week, the government revealed its "three mega projects" strategy, highlighting significant investments in semiconductors, physical artificial intelligence (AI), and AI data centers as key components for the nation's future economic growth.

The government aims to develop a semiconductor production hub in the southwestern Honam region, with Samsung and SK committing to a combined investment of 800 trillion won (US$522 billion). In his opening speech, Lee emphasized the global competitive landscape and the transformative potential of AI, stating, "The world is witnessing very intense competition, while an entirely new future is being shaped around AI."

Lee stressed the urgency of proactive measures to mitigate potential challenges that could hinder the projects, allowing companies to concentrate on investment and operational activities. He emphasized, "Investments should never be delayed because of delays in administrative procedures," and advocated for the streamlining of essential environmental impact assessments related to the chip cluster initiative.