Lee Sets Five-Year Goal to Double South Korea Chip Output

South Korean President Lee Jae Myung said his country aims to double semiconductor production capacity within five years, as officials briefed lawmakers on a reported $22.3 billion Texas gas-power development identified as the first project under a $350 billion U.S.-South Korea investment framework. Lee announced the chip-production goal at the Korea Investment Summit in New York on September 24, calling for expansion of a production hub. He also said South Korea would work to build artificial intelligence supply chains less vulnerable to external shocks and promote investment in the country. The production target was stated by Lee; the supplied information does not provide a current capacity figure or a detailed timetable for reaching the goal. The Texas development was described by South Korean lawmakers, after a closed-door briefing from the industry ministry, as the first project under the investment framework. Their account identifies a gas-fired power project valued at $22.3 billion. The project has not been formally announced, according to the lawmakers cited in reporting, and its reported cost and details have not been established through a formal project announcement.