President Lee: Honam Investment Is Not Discrimination... We Will Support Samsung and Hynix So Their Decisions Are Not Wrong

[Financial News] President Lee Jae-myung said on the 30th that the Government of South Korea would actively support Samsung Electronics and SK hynix's plans to invest in the semiconductor industry in the Southwestern Region. He said, "We will make sure that the decision to choose the future of our homeland, rather than overseas, does not turn out to be the wrong one." On accusations of regional discrimination over expanded investment in Honam, he said that if one compares the historically accumulated amount of investment, it is "nothing more than a drop in the bucket." He stressed that the move was unavoidable from the standpoint of balanced national development.
Lee presided over a State Council of South Korea meeting at the Blue House that day and described the "three major mega-projects for South Korea’s great leap forward," announced the previous day, as "the key to opening an era of growth for everyone, where the Capital Region-centered one-pole system is overcome and the entire country can enjoy growth opportunities evenly."
He said, "Above all, I would like to once again thank the business leaders who made bold decisions for South Korea's greater leap forward." He added, "I ask all ministries of the government to provide proactive and full-scale support so that the investment activities of companies that made such major decisions face no difficulties, based on close cooperation with local governments."
He also called on the political world to cooperate. Lee said, "For the future of South Korea, please join forces with the companies and the government's efforts as they take on this challenge with their lives on the line." He added, "I also ask for the broad-minded cooperation of the political world."
Lee again pointed to the limits of the Capital Region as the background for expanding investment in the Southwestern Region. He said, "The Capital Region is currently suffering enormous side effects from excessive congestion and shortages of power, water, and land." He added, "Everyone knows that the provinces are shrinking because they lack resources, while the Capital Region is on the verge of bursting from excess, and all of this is eroding South Korea's national competitiveness."
He explained, "Because these areas were left neglected for a long time and excluded from development, water, power, and land were actually managed relatively well." He said, "Now, for advanced industries, especially semiconductor-related industries, power, water, and land have become the most important factors."
Lee said, "The Capital Region can no longer secure enough power and water," adding that even the projects already planned are becoming difficult to handle. He continued, "At the same time, the AI boom created a need for large-scale investment, and Honam happened to have the available space, which made this decision possible."
He drew a line under claims that the expanded investment in Honam amounts to regional favoritism. Lee said, "Some people seem to be talking about regional discrimination over this, and in this case alone it is true that investment in Honam is somewhat larger." He added, "But if you compare the historically accumulated amount of investment, I hope you understand that it is really just a drop in the bucket."
Lee said, "It is an undeniable fact that there has been discrimination between Yeongnam and Honam." He added, "Fortunately, the new environment has made it possible to ease that imbalance, at least a little." He also said, "I ask you to understand this as a very welcome result for balanced national development, which is tied to the development of all of South Korea and the country's future."

west@fnnews.com Seong Seok-woo Reporter