Samsung, SK hynix and Celltrion to inve...

The massive commitment, announced Thursday, centers on advanced industries including memory, display, substrates, batteries and biotech. 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 CORPSLeading 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, high bandwidth memory production facilities and packaging operations for Samsung Electronics, high-performance package substrates for AI servers at Samsung Electro-Mechanics and next-generation battery production lines at Samsung SDI."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. Celltrion will invest about 2 trillion won in biopharmaceutical production facilities.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 delivers remarks at a briefing to announce investment plans for the Chungcheong region on July 2. NEWS1President 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. NEWS1The 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.