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| ▲ President Lee Jae Myung (L) speaks during a meeting with chiefs of major conglomerates to discuss ways to increase jobs for young people and regional investment at Cheong Wa Dae in Seoul on Feb. 4, 2026. (Yonhap) |
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| ▲ President Lee Jae Myung (L) shakes hands with Samsung Electronics Chairman Lee Jae-yong during a meeting on job creation and regional investment held at Cheong Wa Dae in Seoul on Feb. 4, 2026. (Yonhap) |
(LEAD) Lee-regional development
(LEAD) Lee seeks corporate support for balanced regional development, with conglomerates pledging 270 tln won in investment
(ATTN: ADDS more details, comments in paras 6, 9-11, photo)
By Kim Eun-jung
SEOUL, Feb. 4 (Yonhap) -- President Lee Jae Myung on Wednesday asked major business conglomerates to support the government's push for balanced regional development, with the conglomerates pledging to invest 270 trillion won (US$186 billion) in regional areas over the next five years.
Lee made the remarks at a meeting with heads of major conglomerates, including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chair Euisun Chung and LG Group Chairman Koo Kwang-mo, as they discussed ways to create more jobs for young people and revitalize investment in regional areas.
"As our companies work hard and the economy gradually begins to recover, I hope the fruits of growth will be shared more broadly," Lee said. "I also hope those benefits will spread evenly to small and medium-sized businesses, regional communities and the younger generation."
Lee outlined the government's plan to foster five major regional hubs along with three special self-governing provinces, expressing hope that the companies to align their investment strategies with the government's regional development efforts when considering future investment plans.
"The government plans to create new centers of growth in regions and will invest intensively, and I hope companies will move in step with these efforts," he said.
During the meeting, Federation of Korean Industries Chairman Ryu Jin said the nation's top 10 conglomerates plan to invest 270 trillion won in regional cities and provinces over the next five years. When combined with regional investment plans by other companies, the amount is estimated to reach around 300 trillion won, Ryu said.
Pointing to growing challenges in securing land and key resources, such as electricity and water, for new production lines in the Seoul metropolitan area, Lee said it could be more beneficial for companies to invest in regional areas, taking advantage of advances in transportation and communications that have narrowed the gap between the capital and other regions.
Lee added that the government plans to enact special legislation to support the creation of renewable energy industrial complexes and energy cities, while giving greater weight to regions farther from Seoul when allocating fiscal resources and shaping policy initiatives.
During the meeting, 10 major conglomerates shared plans to hire a combined 51,600 employees this year, including 12,000 new recruits by Samsung and 8,500 by SK, presidential secretary for public relations Lee Kyu-yeon told reporters.
According to the secretary, Samsung Chairman Lee Jae-yong told the president that his firm has additional room to expand hiring this year thanks to a sharp hike in operating profit last year.
Samsung Electronics and SK hynix both posted record operating profits last year, buoyed by strong demand for chips used in artificial intelligence applications.
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