President Lee Jae Myung joined the chairs of companies Samsung and SK Hynix on Monday in announcing the planned investment.

SEOUL, South Korea, June 29, 2026 (AP) — South Korean tech giants Samsung Electronics and SK Hynix said Monday they will invest a combined 800 trillion won ($518 billion) in building a new computer chipmaking hub in the country’s southwest region, capitalizing on surging artificial intelligence -driven demand.

President Lee Jae Myung joined the companies’ chairs Monday in announcing the plan, which dovetails with the government’s efforts to expand investment beyond the greater Seoul metropolitan area, the country’s economic center and heart of its semiconductor sector.