S. Korean president pledges to double chip production in 5 years

South Korean President Lee Jae Myung pledged on Wednesday to double the country's semiconductor production capacity within five years during a speech at the Korea Investment Summit in New York. The ambitious plan comes as part of efforts to create more favorable conditions for global investment, particularly from the United States.

Addressing the need for stable AI supply chains, Lee emphasized that Seoul will build these critical chains that are resistant to external shocks. This follows the launch of three megaprojects earlier this year aimed at establishing a chip production cluster and other AI facilities.

To support the transition, President Lee announced the creation of a new "Future Fund" to nurture industrial infrastructure and talent. Additionally, he pledged to implement market reforms to attract foreign investment, including legal revisions to enhance shareholder value and expand the foreign exchange market to operate 24/7.

Lee assured the audience that his administration will continue to work towards improving market conditions, guaranteeing that global investors will feel the positive impacts of these changes through ongoing capital and foreign currency market reforms.