HIGH-TECH INDUSTRIAL CLUSTERS TO BE MADE

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Amid heated competition in the global high-tech industry, the South korean government has announced its plans to build the biggest system semiconductor cluster in Yongin, Gyeonggi-do Province, and also build high-tech industrial complexes customized to each region in 14 areas nationwide. Calling such global competition an "economic warfare", President Yoon said it's not just about the industry itself but rather a matter of life and death.


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President Yoon has described the current competition in the global high-tech industry as "economic warfare." He says it's not just about the industry itself but rather a matter of life and death.

[Soundbite] Yoon Suk Yeol(President) : "Cutting-edge industries are the key growth engines and a strategic security asset. They are directly related to job creation and improving the quality of life."

The private sector is to invest 550 trillion won in six core industries, including semiconductors by 2026. The government has also vowed all-out support. High-tech industrial complexes customized to each region will be built in 15 areas nationwide, including the capital region, where a semiconductor cluster is to be created. The world's largest system semiconductor cluster is to be built in Yongin, Gyeonggi-do Province, on a 300-trillion-won private-sector investment. Four candidate sites in the Chungcheong region will be tasked with developing the mobility sector, including future vehicles and railways. The southwestern region will nurture the future vehicle, space rocket and food sectors into future growth engines. Five cities in the southeastern region will be home to industrial complexes related mostly to the nuclear sector. In the Gangwon region, the city of Gangneung has been selected because of the advantages it offers to the bio sector. The president is stressing speedy development of industrial complexes through land use deregulation and tax breaks, as the issue is directly connected to promoting balanced regional development.

[Soundbite] Yoon Suk Yeol(President) : "Speed is of the essence. The gov’t will do its best to make sure that high-tech industrial complexes are created as soon as possible."

The presidential office says the project is aimed at reviving the economy through preemptive investment from the private sector and support from the government.