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President Lee Jae Myung speaks at the fourth public-private joint review meeting for the mega projects held at the construction site of Samsung Electronics' Onyang Campus in Asan, South Chungcheong Province, on Nov. 12. /Yonhap News Agency

President Lee Jae Myung said on Nov. 12 that 112 companies in sectors including semiconductors and biotechnology plan to invest an additional 23.6 trillion won in the Chungcheong mega project, on top of previously planned investments in the region.

With not only major conglomerates such as Samsung Electronics and SK but also materials, parts and equipment suppliers and biotechnology companies joining the investment drive, total investment in the Chungcheong mega project is expected to exceed 400 trillion won, up from the originally planned 392 trillion won.

Lee made the announcement at the fourth public-private joint review meeting for the three mega projects, held at Samsung Electronics' Onyang Campus in Asan, South Chungcheong Province, that day. "In the four months since we announced the mega projects in July, we have gone beyond a rapid push to an all-out drive, and tangible changes are becoming increasingly visible on the ground," he said.

"It is even more encouraging that not only anchor companies but also materials, parts and equipment suppliers are making additional investments," Lee said. "The mega projects are going beyond investments by large corporations, sparking technological innovation among small and medium-sized enterprises and mid-sized partner companies and spreading across the broader industrial ecosystem. I believe this is a positive sign."

Lee emphasized, "To accelerate investment, the role of local government leaders who are closest to the project sites is extremely important."

"I understand that South Chungcheong Province has made a major contribution to bringing forward construction start dates by assigning dedicated officials to individual investment projects, shortening permit and approval procedures and improving regulations," Lee said. "I hope these best practices will be shared with other local governments and applied to investment projects in other regions."

Lee also said, "The significance of regional investment will be multiplied only if workers and their families settle in the region. I therefore hope local governments will make particular efforts to improve the conditions essential for settlement, including housing, transportation and cultural amenities." He added, "The central government will also provide whatever support it can."

                                                                                                              Hong Sun-mi