South Korean President Yoon Suk-yeol announced plans on Tuesday to establish the world’s largest semiconductor mega cluster worth $481 billion (622 trillion won) and swiftly build related infrastructure. The government aims to break ground on the Yongin National Industrial Complex in 2026, speeding up procedures such as environmental impact assessments and land compensation.

The government also unveiled the AI Semiconductor Initiative, pledging to invest $6.9 billion (9.4 trillion won) in AI and AI semiconductors by 2027 and create a $1 billion (1.4 trillion won) fund to support innovative companies. The initiative aims to secure leadership in AI ethics, develop next-generation AI technologies and achieve a global system semiconductor market share exceeding 10% by 2030 when the mega cluster becomes fully operational.