South Korea is targeting a doubling of semiconductor production capacity within five years, backed by more than 800 trillion won, or roughly $518 billion to $520 billion, in commitments from Samsung Electronics and SK hynix. The investment covers four new memory fabrication plants, supplier networks and supporting infrastructure. Including AI data centers and the government’s other two megaprojects, total investment is expected to exceed 880 trillion won to 1 quadrillion won. Samsung Electronics and SK hynix already produce about two-thirds of the world’s memory chips, making the expansion significant for global supply. President Lee Jae-myung presented the plan to investors in New York on September 23 and called Samsung Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won national heroes for their investment commitments. The five-year target was first detailed on June 29, 2026, within three megaprojects focused on semiconductors, physical AI and AI data centers. Existing production clusters in Yongin and Pyeongtaek, south of Seoul, are due to receive accelerated timelines, while new memory plants are planned for the Honam and Gwangju region and a packaging hub for Chungcheong province. The facilities are intended to spread economic activity beyond South Korea’s historically concentrated capital-area industry, where expensive land, tight labor markets and zoning disputes have constrained expansion.