President Moon Jae-in also spoke about these plans for the semiconductor industry today, saying South Korea is going to build the world's best semiconductor manufacturing base.
Speaking at the country's main chip production base in Pyeongtaek, President Moon said the government will give chipmakers tax incentives and state support.
"We will solidify our number one position in memory chips and become the world's best in system semiconductors to achieve our goal of becoming a semiconductor powerhouse by 2030."
The country's chipmakers will be investing over 450 billion U.S. dollars over the next decade.
President Moon thanked them for the investment plans despite the uncertainties that exist, pledging to back their efforts to create a so-called K-semiconductor belt.
He noted that by the end of next year, when Samsung Electronics will have finished building a third factory this one 25 times the size of a football pitch South Korea will have the world's biggest production line.