South Korea to build world's biggest semiconductor cluster by 2047

South Korea aims to establish the world's largest semiconductor cluster in Gyeonggi-do Province by 2047, according to a plan released by the Ministry of Trade, Industry and Energy and the Ministry of Science and ICT.

The proposed mega-cluster, spanning cities such as Pyeongtaek, Hwaseong, and Suwon, will involve private investments from Samsung Electronics and SK Hynix, totaling KRW 622 trillion.

By 2027, three production and two R&D fabs are set to be completed. The government envisions achieving the world's largest monthly wafer output of 7.7 million by 2030, covering a vast 21 square km production site.

The project anticipates generating a production effect of KRW 650 trillion and creating 3.46 million jobs. To support infrastructure and investment, the government plans to enhance public support, improve the semiconductor budget to KRW 1.3 trillion, and streamline regulatory processes.

President Yoon Suk Yeol expressed the significance of semiconductors, emphasizing their impact on livelihoods and quality job creation, pledging tax credit extensions and diplomatic support for the industry.