President Lee, bows deeply to two chairmen… Presidential Office "Intended to make a big bow"
"Will be responsible for one-stop administrative procedures… 'Local production, local consumption' principle will also apply to electricity rates"
President Lee Jae-myung shakes hands with Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Choi Tae-won
President Lee Jae-myung, Samsung Electronics Chairman Lee Jae-yong, and SK Group Chairman Choi Tae-won shake hands after announcing their investment plans at the National Report Meeting on Three Major Mega Projects held at the Cheong Wa Dae on June 29. [Cheong Wa Dae Photo Journalists] xyz@yna.co.kr
President Lee Jae-myung expressed his deep gratitude to Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Choi Tae-won on June 29 for unveiling large-scale investment plans in cutting-edge industries such as semiconductors, AI, and data centers.
He also emphasized the government's unwavering support for corporate investments in regional areas.
President Lee Jae-myung greets
President Lee Jae-myung greets Samsung Electronics Chairman Lee Jae-yong after the announcement of investment plans at the National Report Meeting on Three Major Mega Projects held at the Cheong Wa Dae on June 29. SK Group Chairman Choi Tae-won is on the left. [Cheong Wa Dae Photo Journalists] xyz@yna.co.kr
On this day, President Lee presided over the 'National Report Meeting on Three Major Mega Projects' at the Cheong Wa Dae and listened to the investment plan presentations from the two chairmen.
After the presentation, President Lee said, "This is a truly momentous occasion," adding, "I can confidently say that this marks the beginning of a new era for the Republic of Korea."
"The fact that companies are not only pursuing profits but also contributing to the future of our national community has been clearly demonstrated," he continued. "I would like to call these two gentlemen (Chairman Lee and Chairman Choi) national heroes or heroes of the people."
He added, "I want to express my gratitude on behalf of the Korean people for your difficult decisions made for the future of our nation and people." Then, he bowed deeply to Chairmen Lee and Choi.
Chairman Lee responded by shaking hands with President Lee and saying, "We will work hard."
Kang Hun-sik, Chief Secretary to the President, told reporters, "President Lee was deeply moved today. His 90-degree bow was a sincere expression of gratitude." He added that some aides advised against a deep bow, fearing it might be perceived negatively by the business leaders.
The president reportedly said, "I want to make a big bow," but his aides dissuaded him, saying, "They might take offense. Let's just bow."
President Lee Jae-myung greets
President Lee Jae-myung greets SK Group Chairman Choi Tae-won after the announcement of investment plans at the National Report Meeting on Three Major Mega Projects held at the Cheong Wa Dae on June 29. Samsung Electronics Chairman Lee Jae-yong is on the right. [Cheong Wa Dae Photo Journalists] xyz@yna.co.kr
In the subsequent discussion, he pledged full support for the companies' regional investments.
"I will personally take responsibility for ensuring that a swift 'one-stop administrative procedure' is implemented," President Lee said.
"Electricity and water costs are likely to be significant. Since the Semiconductor Special Act allows for priority support to local areas, I will also ensure that this provision is fully implemented," he added.
Regarding electricity rates, he stated, "If additional factories are built in the Gwangju-Jeonnam region, electricity costs will become a crucial issue. Therefore, I will make sure that the 'local production, local consumption' principle applies to electricity rates as well, so that there is a clear advantage."
President Lee Jae-myung, National Report Meeting on Three Major Mega Projects
President Lee Jae-myung speaks at the National Report Meeting on Three Major Mega Projects held at the Cheong Wa Dae on June 29. From left: Vice Prime Minister and Minister of Economy and Finance Koo Yun-cheol, Samsung Electronics Chairman Lee Jae-yong, President Lee, SK Group Chairman Choi Tae-won, Vice Prime Minister and Minister of Science and ICT Kwon Young-seok. [Cheong Wa Dae Photo Journalists] xyz@yna.co.kr
He also promised to make efforts to improve the manpower supply situation in new investment regions such as the southwestern region.
"Building housing infrastructure, cultural facilities, and healthcare infrastructure is crucial," he said. "Support for these areas will be significantly increased."
Addressing concerns that Samsung Electronics' Yongin cluster, classified as a national industrial complex, would not benefit from the Semiconductor Special Act while SK Hynix's Yongin cluster, categorized as a general industrial complex, might face difficulties in receiving support, President Lee expressed understanding. "It is understandable to feel aggrieved since the same region has different classifications and benefits," he acknowledged.
"Fundamentally speaking, I want to emphasize that we will provide full support, 100% backing, for establishing a new hub for the semiconductor industry," he reiterated.
Concluding the discussion, President Lee stressed, "The nation must prosper for companies to thrive, and companies must succeed for workers to benefit. We must all work together to create an 'irreplaceable Korea'."
President Lee Jae-myung, National Report Meeting on Three Major Mega Projects
President Lee Jae-myung performs a national ritual at the National Report Meeting on Three Major Mega Projects held at the Cheong Wa Dae on June 29. From right: Samsung Electronics Chairman Lee Jae-yong, President Lee, SK Group Chairman Choi Tae-won. [Cheong Wa Dae Photo Journalists] xyz@yna.co.kr
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