South Korea to accelerate 7.9 trillion won in high-tech investments

The South Korean government has announced a comprehensive plan to accelerate approximately 7.9 trillion won in corporate investments by streamlining administrative procedures and reducing regulatory hurdles for high-tech industries.

A primary focus is the transition of internal combustion engine plants to electric vehicle production. For instance, the government will support Hyundai Motor Company’s 4 trillion won investment to reconstruct its Ulsan plants by reducing the permit and impact assessment period from over three years to less than one year through one-stop administrative support.

Additional measures include:

• Supporting 3 trillion won in clean hydrogen production and power generation investments by opening a bidding market this month. • Accelerating the development of the Muan National Industrial Complex by utilizing fast-track designation procedures. • Improving semiconductor manufacturing by allowing the integrated bidding of electrical and telecommunications works for new fab installations to speed up expansion. • Expanding safety management exemptions for secondary battery materials and supporting the development of next-generation power semiconductors and humanoid robot technologies.