Ruling Party's Outline for Support Law for 3 Major Mega Projects... Focus on Power, Water, and Corporate Competitiveness

[Financial News, Incheon = Reporter Kim Hyeong-gu]Legislation to support the three major mega projects promoted by the Lee Jae-myung administration took shape on the 27th. The key goals are to secure the power and water needed for the semiconductor industry and to enhance corporate competitiveness.
Lee Joo-hee, the Democratic Party of Korea's floor spokesperson, unveiled the legislative items requested by the government for the three mega projects at a lawmakers' workshop held that day at Inspire Hotel & Resort in Yeongjong District, Incheon, ahead of the regular National Assembly session.
First, in addition to revisions to the Electric Utility Act, the Water Supply and Waterworks Installation Act, and the Framework Act on Water Management to ensure a stable supply of power and water, the Industrial Location and Development Act and the Building Act were also mentioned to quickly build the infrastructure needed for semiconductor industrial complexes.
The government is also understood to have asked the party to back the Mega Special Zone Act, the Act on Promoting Industrial Digital Transformation and the Use of Artificial Intelligence, and the Special Measures Act for Strengthening and Protecting the Competitiveness of National Advanced Strategic Industries. The aim is to improve companies' industrial competitiveness.
Lee said, "Prime Minister Han Seong-sook explained that Korea's position in the global AI industry competition is extremely urgent," adding, "The Prime Minister said Korea is at a critical moment to leap forward as one of the top three AI powers. She said the country's AI industry must become an essential hub that companies around the world have to pass through."
She also said, "The Prime Minister stressed that success in the three mega projects is essential to break the concentration in the Seoul metropolitan area and drive region-led growth and balanced development," and added, "She also said a fully integrated execution system will be built around Cheong Wa Dae, with the central government, local governments, and companies working together."
[email protected] Kim Hyeong-gu Reporter