From left: Samsung Electronics Executive Chairman Lee Jae-yong, President Lee Jae Myung, Celltrion Group Chairman Seo Jung-jin and SK hynix CEO Kwak Noh-jung stand for the pledge of allegiance ahead of a briefing to detail investment plans for the Chungcheong region on July 2.JOINT PRESS CORPS
Leading companies including Samsung, SK hynix and Celltrion announced plans to invest a total of 392 trillion won ($252 billion) in the Chungcheong region, the latest in a series of regional investment drives by the Korean government.
The Ministry of Trade, Industry and Resources unveiled its strategy to foster advanced industries in the Chungcheong region during a public briefing on Thursday, with companies detailing investment plans. The announcement followed Samsung and SK hynix unveiling their investment projects for the Gwangju and Jeolla areas on Monday.
Samsung plans to invest about 140 trillion won in the Chungcheong region. The investment includes organic light-emitting diode and next-generation display production lines for Samsung Display in Asan, South Chungcheong. High bandwidth memory production facilities and packaging operations for Samsung Electronics will be built in Onyang-dong and Cheonan in South Chungcheong. High-performance package substrates for AI servers will be produced by Samsung Electro-Mechanics in Sejong, and next-generation battery production lines will be developed at Samsung SDI in Cheonan, South Chungcheong.
"Samsung's dream took root, grew and bore fruit here in the Chungcheong region," Samsung Electronics Executive Chairman Lee Jae-yong said. "The region will continue to achieve greater growth as a global hub for IT materials and components."
SK hynix will invest about 100 trillion won to build NAND flash memory and advanced packaging fabrication plants in the region. The investments will be made in Cheongju, North Chungcheong.
"The site is not only connected to our existing Cheongju fabrication plant, but also already has much of the infrastructure needed to maximize production efficiency, including land, power and water supplies, allowing construction to begin immediately," said Kwak Noh-jung, CEO of SK hynix.
Construction of the NAND fabrication plant is scheduled to begin next year, with operations expected to start in the first half of 2029. The advanced packaging plant is expected to complete construction by the end of 2027.
Separately, SK Group plans to gradually build AI data centers with a combined capacity of 15 gigawatts nationwide, with 1 gigawatt of that capacity to be located in the Chungcheong region.
President Lee Jae Myung delivers remarks at a briefing to announce investment plans for the Chungcheong region on July 2.NEWS1
Celltrion will invest about 2 trillion won in biopharmaceutical production facilities.
The facility, to be built in North Chungcheong, will manufacture pre-filled syringes. It will increase production capacity by 50 million syringes, bringing the company's total annual production capacity to 70 million syringes.
Construction will start in 2028, and the company plans to start operating the plant in 2032.
Other companies also plan to invest a combined 150 trillion won in projects including AI data centers, bringing total planned investment in the Chungcheong region to about 392 trillion won.
President Lee Jae Myung congratulated the business leaders who committed to the investments. In his remarks, President Lee referenced the late Samsung founder Lee Byung-chull.
"Just as his foresight helped make Korea a global semiconductor powerhouse, I am confident that Chairman Lee Jae-yong's decision today will lead a new leap forward for Korea's advanced industries," President Lee said.
To support the investments, the government will launch a seven-part investment support program covering fiscal policy, financing, regulation, technology, taxation, workforce development and infrastructure.
President Lee Jae Myung tries out augmented reality glasses during a briefing for investments for the Chungcheong region, with Samsung Electronics Executive Chairman Lee Jae-yong, behind Lee, giving instructions, on July 2.NEWS1
The government also plans to designate "mega special zones" where companies will be able to enjoy eased regulations and strengthen partnerships between industry and academia.
In addition, a government task force dedicated to supporting the Chungcheong region's advanced strategic industries will immediately begin operations. The government said it will prepare a comprehensive support plan within 100 days and expedite the resolution of issues related to industrial sites, permits, electricity, water, workforce and financing.
The event also included the signing of an investment agreement between Samsung, SK hynix, Celltrion and other participating companies and the central and local governments. Under the agreement, the companies will carry out their planned investments in the Chungcheong region while government ministries will actively support the development of the region's advanced industrial ecosystem.
This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
