South Korea announced a $576 billion semiconductor and AI infrastructure initiative, marking one of the largest national technology investments in history.

President Lee Jae Myung unveiled the 800 trillion won program in a televised statement on June 28, describing semiconductors, physical AI, and AI data centers as the "triple axis for our great leap forward."

The government will partner with Samsung Electronics and SK Hynix to dramatically expand domestic chip production. Each company will build two new semiconductor fabrication plants in the country's southwest, totaling 15 gigawatts of capacity per region.

The facilities form part of a broader semiconductor ecosystem designed to boost AI chip production and strengthen domestic supply chains. Regional authorities in Gwangju and South Jeolla province will contribute financially to the projects.

"We must secure the core elements of AI faster than any other country," Lee said in the statement.

Trade, Industry and Energy Minister Kim Jung-kwan said the government would accelerate regulatory approvals to bring manufacturing capacity online more quickly. "We will rapidly expand our production capacity by drastically shortening the timeline from licensing to construction," he said.

The initiative represents part of South Korea's "3 Mega Projects for South Korea's Great Leap Forward" — an industrial strategy to position the country as a major AI development hub.

The announcement follows reports that Samsung is planning a separate 1,000 trillion won ($646 billion) investment program over the next decade. The funds would reportedly focus on semiconductor fabrication, AI data centers, batteries, and displays — potentially the largest investment ever by a Korean company.

South Korea's push comes as nations worldwide compete to secure semiconductor supply chains and AI infrastructure capabilities. The country already hosts major memory chip production through Samsung and SK Hynix, but the new program aims to expand into AI-specific processors and data center infrastructure.

The fabrication plants are expected to begin construction following expedited government approvals, with production timelines to be announced as licensing processes complete.