On December 12, at the Government Complex Sejong’s main conference room, the 7th meeting of the National Industrial Complex Intergovernmental Support Group was held to discuss strategies for the successful establishment of the Yongin Advanced System Semiconductor National Industrial Complex. The meeting, presided over by Jin Hyun-hwan, the first Vice Minister of the Ministry of Land, Infrastructure, and Transport, included participation from local government heads from 12 locations where such industrial complexes are being developed, along with representatives from the Ministry of Economy and Finance, the Ministry of Agriculture, Food and Rural Affairs, the Ministry of Trade, Industry and Energy, the Ministry of Environment, and officials from the Korea Land and Housing Corporation.
During the meeting, Mayor Lee Sang-il of Yongin Special City emphasized the need for various support measures such as capital gains tax reduction for residents and corporate tax relief for businesses to smoothly proceed with compensation procedures for residents and companies affected by land and building acquisitions for the advanced system semiconductor national industrial complex in the Cheoin district of Yongin.
Additionally, requests were made for active support from the Ministry of Land, Infrastructure, and Transport for related infrastructure projects, like the ‘Gyeonggang Line Extension’ railway project and the Gyeonggi Southern Metropolitan Railway project jointly pursued by Yongin, Suwon, Seongnam, and Hwaseong cities, as well as the extension of the Bundang Line from Giheung Station to Osan University Station, which is reflected in the 4th National Railroad Network Plan.
An official from the Ministry of Land, Infrastructure, and Transport acknowledged the importance of tax reductions proposed by Yongin City and indicated that consultations with relevant departments are ongoing, alongside considering the need for expanded railway networks.
Vice Minister Jin Hyun-hwan reaffirmed the significance of developing national industrial complexes as central to revitalizing the South Korean economy, acknowledging local government efforts and highlighting the need for ongoing cooperation.
The Yongin Advanced System Semiconductor National Industrial Complex, designated as a candidate in March last year, applied for industrial complex plan approval in April, with efforts made to expedite the approval process. This project involves an estimated budget of 9 trillion KRW for site development. Samsung Electronics plans to invest around 360 trillion KRW over the next 20 years to construct six semiconductor manufacturing lines (fabs) across a site of approximately 7.28 million square meters, with the government and city estimating that around 102,840 people will reside within the industrial complex upon completion.