The government announced a strategy to further advance the domestic semiconductor industry through state and corporate investment amid global hegemonic competition.

Industry and Resources Minister Kim Jung-kwan announced the strategy on Wednesday at an intergovernmental meeting led by President Lee Jae Myung.

The government plans to inject at least 700 trillion won, or around 476 billion U.S. dollars, into the construction of ten semiconductor fabrication facilities and the world's largest semiconductor cluster by 2047.

Nearly 216 billion won will be spent until 2032 to develop next-generation memory chip technologies, such as neural processing units and processing-in-memory, to achieve AI inference more advanced than what high-bandwidth memory can produce.

The strategy also aims to facilitate partnerships between foundries and demand-side businesses to expand the fabless industry by at least tenfold and boost the global competitiveness of system semiconductors.

Lee expressed hope that the entire semiconductor industry would grow and that more parties would reap the benefits, in an apparent call for fair growth across all industry players.