The construction site of SK hynix's fabrication plant at the Yongin semiconductor cluster in Yongin, Gyeonggi Province, Tuesday / Joint Press Corps
Korea vowed to ease a set of regulations, including administrative procedures, to support the country's three megaprojects centered on semiconductors and artificial intelligence (AI) facilities, the finance ministry said Thursday.
Finance Minister Koo Yun-cheol unveiled the plan during a meeting with economy-related ministers, with the government expecting the measures to generate a total of 4.2 trillion won ($2.96 billion) in investment.
"The government came up with the measures to promptly address investment-related challenges on the ground, focusing on projects that are ready to proceed but have been held up by regulatory hurdles," the finance ministry said.
The ministry added that such deregulation is needed to smoothly implement the three megaprojects aimed at transforming the country's economy through investments in semiconductors, physical AI and AI data centers.
