Lee pledges to double chip production in 5 yrs, build AI supply chains free of disruption

South Korean President Lee Jae Myung announced a plan on Wednesday to double his country's semiconductor production capacity within five years and establish AI supply chains resilient to disruptions. The ambitious goal was revealed at the Korea Investment Summit in New York, where he called for increased U.S. investments in South Korea.

The president highlighted three megaprojects launched earlier this year to construct a chip production cluster and other AI facilities. He pledged to expand the chip production hub to achieve the doubling of semiconductor production. Moreover, Lee assured that the nation would build a robust AI supply chain, free from any shocks.

Seoul plans to reinvest the profits from its AI chip boom into creating a new Future Fund, which will foster industrial infrastructure and talent development. This initiative aims to ensure ongoing support for future industries. The president also emphasized his commitment to creating market conditions favorable to global capital investment and implementing market reforms to attract foreign investment. He outlined plans to enhance shareholder value and expand the foreign exchange market to operate around the clock.

Lee reiterated his determination to improve market conditions further, guaranteeing continuous reforms to the capital and foreign currency markets. He recalled his talks with U.S. President Donald Trump from the previous day, where they discussed cooperation in shipbuilding, particularly the construction of U.S. military vessels. The South Korean leader expressed hope that their partnership would yield tangible results in the future.

Lee described South Korea and the U.S. as key partners supporting each other in industry, the economy, and security. He voiced hope that this collaboration would not only promote prosperity but also contribute to bringing peace to the Korean Peninsula. The president concluded by calling for investment in South Korea, positioning the nation as a trustworthy partner for the world.