Seoul, July 6 (IANS) President Lee Jae Myung on Monday called for the prompt execution of the government-led large-scale chip cluster and AI investment projects by expediting administrative procedures, including streamlining environmental impact reviews.

The president made the call at a meeting with senior government officials and top executives of leading chipmakers — Samsung Electronics Co. and SK hynix Inc. — to discuss follow-up measures for the investment projects, reports Yonhap news agency.

Last week, the government unveiled the “three mega projects” initiative, centred on large-scale investments in semiconductors, physical artificial intelligence (AI) and AI data centers, as the country bets big on those advanced industries for its future.

In particular, the government plans to establish a semiconductor production cluster in the southwestern Honam area, with Samsung and SK pledging to invest a combined 800 trillion won (US$522 billion).

“The world is witnessing very intense competition, while an entirely new future is being shaped around AI,” Lee said in his opening remarks.

“At a time when all-out competition that will determine the nation’s fate is under way, who moves first and who moves faster will be the deciding factor,” he added.

The president called on the government to preemptively identify and tackle potential obstacles to implementing the projects so that companies can focus solely on investment and operations.

“Investments should never be delayed because of delays in administrative procedures,” he said, calling for streamlining mandatory environmental impact reviews for the chip cluster plan, among other measures.

To expedite the projects, each mandatory administrative procedure should be carried out simultaneously rather than sequentially, the president said.

Efforts to secure electricity and water supplies for the envisioned chip cluster should also begin immediately, instead of waiting until other preliminary procedures are complete, he said.

The president also called on participating government and corporate officials to promptly determine the sites that will host the investment projects.

—IANS

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