Samsung, SK hynix to unveil investment plans this week: presidential office

SEOUL, June 28 (Yonhap) -- Samsung Electronics Co. and SK hynix Inc. are set to announce major investment plans early this week at a meeting presided over by President Lee Jae Myung, the presidential office said Sunday.

The investments will be unveiled during a briefing scheduled for 2 p.m. Monday at Cheong Wa Dae on the government's three mega projects aimed at balanced regional development, presidential spokesperson Kang Yoo-jung said.

The initiative is jointly pushed by the trade, science, transport and energy ministries, she added.

Samsung Electronics Chairman Lee Jae-yong and SK Group Chairman Chey Tae-won will attend the event and take part in a discussion session with other participants.

Industry watchers expect the two chipmakers to invest more than 1,000 trillion won (US$650 billion) over the next 10 years, including in the possible development of a chip cluster in the southwestern Honam region.

On Saturday, Lee described the investment as a "historic achievement" and a policy initiative that could potentially change the fate of South Korea.

The opposition People Power Party has accused the move of being "politically motivated," noting that it comes at a time when the ruling Democratic Party is experiencing an internal power struggle.

fairydust@yna.co.kr
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