Seoul, January 15 (QNA) - South Korea on Monday unveiled its plan to establish what it calls a "semiconductor mega cluster" in southern Seoul by 2047 by promoting a total investment of 622 trillion won (US$472 billion) with Samsung Electronics Co. and SK hynix Inc.

The envisioned cluster, which includes various industrial zones throughout southern Gyeonggi Province, will boast a total area of 21 million square meters and post a monthly production capacity of 7.7 million wafers by 2030, according to the joint statement by the industry and science ministries.

In detail, the government plans to establish exclusive zones for the fabless industry in Pangyo, along with foundry and memory chip production facilities in Hwaseong, Yongin, Icheon and Pyeongtaek.
South Korea will also build an industrial zone for material, part and equipment businesses in Anseong, with research and development facilities in Giheung and Suwon.

Under the plan, the area, which currently houses 21 fabrication facilities, will host 16 additional fabs by 2047, including three for research.

"Our initial estimate is an investment of 622 trillion won, which has started already, and over the next 20 years, we expect it to newly create at least 3 million quality jobs," South Korean President Yoon Suk Yeol said, noting that in the shorter term, 158 trillion won will be invested over the next five years, creating 950,000 jobs.

He also vowed to extend tax credits for investments in the semiconductor industry, which are due to expire this year. (QNA)