South Korean President Yoon Suk-yeol stressed during a public forum on Monday that his administration would focus on expanding the semiconductor industry. Emphasizing the sector’s importance in job creation and economic growth, Yoon announced an investment exceeding $472 billion (622 trillion won) in a semiconductor mega cluster in Gyeonggi Province, aiming to generate at least 3 million new jobs. The government estimates the mega cluster will be completed in 2047. He also stressed the need for increased nuclear power to supply the sector’s energy requirements.

The forum included presentations from science ministers Lee Jong-ho and industry minister Ahn Duk-geun on support measures for the semiconductor initiative. These measures involve tax incentives and competitiveness enhancement in the global semiconductor market.