According to media reports, the South Korean government has approved SK Hynix’s 120 trillion won (approximately US$106 billion) investment plan to build a new semiconductor industrial park.

SK Hynix has completed all necessary administrative procedures and will build a new semiconductor industrial park in Yongin City, about 50 kilometers south of Seoul.

Yongin City will serve as the base for DRAM and SK Hynix's next-generation memory chips, while Icheon City will serve as a R&D and DRAM hub. And Cheongju, 137 kilometers south of the capital, will become the center of NAND flash memory chips.

The report stated that about 50 semiconductor raw materials, parts, and equipment suppliers will also move to the region. After the construction is completed, the monthly production capacity of the park will reach 800,000 pieces. The park is expected to break ground in the fourth quarter of this year, and the first manufacturing plant will be completed in 2025.

South Korea’s Ministry of Trade, Industry and Energy said: “As the chip industry is a key pillar of the country’s exports, the government will spare no effort to resolve any potential problems in the entire project so that construction can begin as planned this year.”