President Lee Pushes Mega Project to Create 'Korea's Silicon Valley'

President Lee Jae-myung stated on July 2nd during a senior secretaries meeting at the Blue House that the government's 'Three Mega Projects for Korea's Great Leap Forward' are not mere regional assistance, but crucial decisions aimed at strengthening national competitiveness in an era of advanced technologies like artificial intelligence (AI) and big data. President Lee explained that through these projects, the goal is to disperse growth currently concentrated in the Seoul metropolitan area to various regions nationwide, laying the groundwork to transform the entire country into a 'Korean Silicon Valley' where innovative companies can thrive.

He further emphasized that this initiative will serve as the third significant foundation, following the Park Chung-hee administration's development of heavy and chemical industries and the Kim Dae-jung administration's efforts to build a leading IT nation, to propel South Korea into becoming a leading industrial powerhouse ahead of other countries. He urged for prioritizing related policies and budgetary support to accelerate the project's progress.

President Lee pointed out that creating future growth engines, alongside mitigating imbalances and disparities across society, is one of the greatest challenges. He stressed the need to dedicate all efforts to reinforcing basic safety nets, fostering a fair labor market, revitalizing local economies, and building an asset ladder.