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[Alpha Biz= Reporter Kim Jisun] The South Korean government plans to invest at least 2.8 trillion won in infrastructure development for the semiconductor clusters in Yongin and Pyeongtaek, including the underground installation of power transmission lines and water supply facilities.
On the 27th, the Ministry of Economy and Finance held an “Industrial Competitiveness Enhancement Ministers’ Meeting” at the Korea Semiconductor Industry Association in Seongnam, Gyeonggi Province, chaired by Deputy Prime Minister and Finance Minister Choi Sang-mok. During the meeting, the ministry unveiled a plan to “strengthen support for the semiconductor ecosystem.” Deputy Prime Minister Choi emphasized, “The next six months are a golden time that will determine the fate of our industries. Considering major countries taking bold national initiatives to strengthen their industrial competitiveness, we cannot cling to outdated growth formulas.”
Out of the total project cost of 3 trillion won, the government will fund more than half of the cost for undergrounding power transmission lines, which account for around 60% of the total. While Samsung Electronics and SK Hynix are expected to shoulder 70% of the undergrounding costs (approximately 1.26 trillion won) under the beneficiary-pays principle, the government has agreed to cover over half of their share (630 billion won). When combined with Korea Electric Power Corporation’s (KEPCO) planned investment of 700 billion won in the Yongin cluster’s power grid, the government’s support will reach 1.33 trillion won.
Additionally, Korea Water Resources Corporation will bear 67% (1.48 trillion won) of the costs for the integrated water supply project in the Yongin industrial complex, which has a total budget of 2.03 trillion won.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
