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South Korea is seeking to set up a massive semiconductor cluster in Yongin, Gyeonggi Province, with Samsung Electronics pouring in some 300 trillion won ($229 billion) by 2042. The world’s largest high-tech chip complex is aimed at sharpening the nation’s prowess in non-memory chip technologies such as system chips, the trade and land ministries said, unveiling the plan during a Cabinet meeting Wednesday.
The government is promoting a plan to create a large-scale semiconductor cluster in Yongin, Gyeonggi Province by 2042 with an investment of about 300 trillion won by Samsung Electronics. The world’s largest high-tech semiconductor complex is intended to further improve non-memory chip technologies such as system semiconductors, the Ministry of Commerce, Industry and Energy and the Ministry of Land, Infrastructure and Transport said Wednesday when announcing the plan at a cabinet meeting.

Despite its competiveness in the memory chip sector, Korea has lagged behind in system chips. Given this, Samsung will construct five more chip plants in addition to existing factories in southern Gyeonggi Province. The ministries said the complex will become an unprecedented chip mega cluster.
Despite being competitive in the field of memory chips, Korea lags behind in the field of system chips. Therefore, Samsung Electronics plans to build five additional semiconductor factories in addition to the existing factories in the southern region of Gyeonggi Province. The government said the site would be an unprecedented large-scale cluster.

The Yoon Suk Yeol administration is also planning to provide full-fledged support to nurture six strategic industries — semiconductors, displays, batteries, bio, electric cars and robots — and build high-tech industrial parks in 15 locations across the country. In areas outside the Seoul metropolitan area, Samsung will invest an additional 60 trillion won. The president vowed to take all possible measures to facilitate businesses’ investment activities. “The high-tech industry is a core growth engine (for the national economy) and a strategic asset for national security,” Yoon said during the meeting.
The Yoon Seok-yeol government also plans to foster six strategic industries, including semiconductors, displays, batteries, biotechnology, electric vehicles, and robots, and provide full support for the creation of high-tech industrial complexes in 15 locations across the country. Samsung plans to invest an additional 60 trillion won outside the metropolitan area. President Yoon promised to do everything possible to promote business investment activities. President Yoon said at the meeting that the high-tech industry is a key growth engine (for the national economy) and a strategic asset for national security.

The decision is welcome in that it comes amid an intensifying hegemony war between the United States and China surrounding chips. The U.S. has been mounting pressure on its allies to join its initiated chip alliance, coercing them with seemingly “excessive” requirements. Against this backdrop, it has been essential for Korea to be equipped with competitive edges in the high-tech sector such as the chip industry.
This decision is welcome as it came amidst a fierce war for supremacy on the peninsula between the US and China. The United States, which is leading the Semiconductor Alliance, is putting pressure on its allies to join the alliance, and is apparently imposing “excessive” requirements. In this situation, it is essential for Korea to be competitive in high-tech fields such as semiconductors.

Despite the dire need to tackle the daunting challenges, the nation has largely failed to take proper steps. For starters, it has yet to remove diverse regulations standing in the way of investment. Concern is also growing over the possible weakening of growth momentum ahead of the looming Fourth Industrial Revolution, buffeted by a swiftly decreasing population amid low fertility rates coupled with rapid aging.
Despite the pressing need to meet the daunting task, South Korea has largely failed to act appropriately. Above all, it did not remove various regulations that hindered investment. As the population rapidly shrinks due to a low birth rate and rapid aging, concerns are growing that the growth engine may weaken ahead of the Fourth Industrial Revolution.

Given this, an increasing number of enterprises have been avoiding investing in the local market, rushing to overseas destinations. The chip industry has been most vulnerable to such challenges.
For this reason, many companies have preferred to invest abroad while reluctant to invest in the domestic market. The semiconductor industry is most vulnerable to these challenges.

The high-tech complex has been inevitable for the production of system chips. Samsung has been under growing pressure from the Biden administration to build more plants in the U.S. Yet it has failed to construct a single plant here since 2014 when it completed the Pyeongtaek campus. This has been chiefly due to various regulations regarding land use and taxation.
A high-tech park was inevitable for the production of system semiconductors. Samsung has been under pressure from the Biden administration to build more factories in the United States. Since completing the Pyeongtaek campus in 2014, it has not built a factory in Korea. This was mainly due to various regulations regarding land use and taxes.

Samsung needs to double down on taking the lead in the production of system semiconductors by introducing state-of-the-art manufacturing processes. The Yoon government should focus on helping companies construct plants at the earliest date possible. Lawmakers in the National Assembly should also roll up their sleeves to facilitate investments.
Samsung Electronics should redouble its efforts to take the lead in system semiconductor production by introducing advanced processes. The Yoon government should focus on helping companies build factories as quickly as possible. The National Assembly should also be more active in promoting investment.

In this vein, it is fortunate to see the main opposition Democratic Party of Korea (DPK) shifting its stance to support the relevant companies. Albeit belatedly, the ruling People Power Party (PPP) and the DPK agreed to pass a bill for the provision of tax benefits to chip companies next month.
In this context, it is fortunate that the Democratic Party of Korea, the main opposition party, is shifting its stance toward supporting the company. The ruling party, the Power of the People and the Democratic Party of Korea agreed to pass a bill that provides tax benefits for semiconductor companies next month, albeit belatedly.

The U.S. and EU are desperate to nurture the chip industries by offering huge amounts of subsidies to the plants in their territories. Japan has recently designated the chip sector as its strategic industry.
The US and EU are desperate to foster the semiconductor industry by providing huge subsidies to their factories. Japan recently designated the semiconductor sector as a strategic industry.

March 17 (Fri) The Korea Times editorial

KEY WORDS
■ massive
■ unveil (a new plan, etc.) to announce
■ unprecedented unprecedented
■ full-fledged fully developed, fully qualified
■ Facilitately[용이하게] do
■ coerce (threaten) to coerce[강제하다]
■ be equipped with
■ looming coming, coming soon
■ vulnerable (to)
■ double down on
■ designate

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Appropriate education needed to prevent young people’s exposure to drugs
Appropriate education needed to prevent adolescent drug exposure

By Jun Ji-hye

Drug-related crimes have become a major concern in Korea, but what is more concerning is the increasing number of cases involving teenagers.
Drug crime has become a major problem in Korea, but even more serious is the increase in teenage drug users.

According to the police, Friday, a growing number of teenagers have been exposed to the use and trafficking of illegal drugs in recent years, as instant messaging platforms, including Telegram, have become one of the major drug distribution channels.
An increasing number of teenagers have been exposed to drug use and distribution in recent years as real-time messenger platforms, including Telegram, have become one of the main drug distribution channels, according to police on Friday.

Experts have called for improved education to prevent young people from being exposed to drugs, adding that teenagers who use illegal drugs are more likely to become addicted.
Experts urged improved education to prevent drug exposure among teenagers, adding that illicit drugs given to teenagers are more addictive.

Data tallied by the National Police Agency showed that the number of teenage drug offenders increased from 104 in 2018 to 241 in 2020 and 309 in 2021. Last year, 294 teenage drug offenders were apprehended.
According to the National Police Agency, the number of teenagers arrested for drug offenses increased from 104 in 2018 to 241 in 2020 and 309 in 2021. Last year, 294 people were arrested by the police.

According to data provided by the Supreme Prosecutors’ Office, the ratio of drug offenders aged between 10 and 20 last year stood at 34.2 percent. The figure has sharply increased from 15.8 percent back in 2017.
According to data from the Supreme Prosecutor’s Office, the percentage of drug offenders between the ages of 10 and 20 last year was 34.2%. This figure has risen steeply from 15.8% in 2017.

What is worse is that the actual number of drug offenses probably goes far beyond the official figures. Investigators admit it is extremely difficult to track all of the drug trafficking that is rampant online.
Even more troubling is that the actual scale of drug crime is likely to be much higher than the official statistics. The investigative agency confessed that it is very difficult to trace all the drug trafficking rampant online.

The latest case involving a 14-year-old middle school student directed more attention to the seriousness of teen exposure to drugs.
The most recent case of drug use by a 14-year-old middle school student drew attention to the seriousness of teenage drug exposure.

On March 6, the police said they were investigating the girl for allegedly using methamphetamine at her house in Seoul’s Dongdaemun District. Her mother contacted the police when she found out that her daughter had fallen down the stairs of their house after using the drug. The student allegedly bought the drug via a Telegram chatroom, according to police.
On the 6th, the police announced that they were investigating the middle school girl for allegedly administering methamphetamine at her home in Dongdaemun-gu, Seoul. Her student mother called the police after finding her daughter collapsed on the steps of her home after taking the drug. According to the police, the student purchased the drug through a secret chat on Telegram.

In May last year, the police in Incheon arrested 23 drug carriers for selling methamphetamine, ketamine, ecstasy and other illegal drugs through Telegram. Among the 23, three were 17 years old.
In May of last year, police arrested 23 distributors of methamphetamine, ketamine, ecstasy and other illegal drugs via Telegram in Incheon. Of the 23, 3 were 17 years old.

KEY WORDS
■ concern (particularly shared by many people)[걱정]
■ be exposed to
■ trafficking Illegal trade, trafficking
■ distribution
■ channel path[수단]
■ call for (officially) ask
■ addicted (drugs, etc.)
■ offender offender
■ apprehend to arrest
■ beyond
■ rampant out of control, rampant[횡행]doing

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By Anna J. Park

The fierce battle between Kakao and HYBE over the management rights of SM Entertainment ended Sunday with HYBE giving up on its quest for its acquisition of SM. The mutual decision was reached three days after the two competing companies entered talks on Friday to solve the heated issue of who would take over SM’s management rights.
The fierce battle between Kakao and Hive over management rights of SM Entertainment (hereinafter referred to as SM) came to an end on Sunday when Hive gave up its acquisition of SM. The mutual agreement was reached three days after the two companies began negotiations on the heated issue of SM management succession last Friday.

With Sunday’s decision, Kakao will work toward a controlling stake in SM and its management rights, while continuing to seek cooperation with HYBE on its platform business.
With this decision, Kakao will strive to secure a controlling stake and management rights in SM, while continuing to promote platform business cooperation with Hive.

“Kakao and Kakao Entertainment respect HYBE’s decision to stop the move to acquire SM Entertainment,” Kakao said Sunday. “As a partner sharing mutually positive impacts, Kakao and Kakao Entertainment will continue various strategic cooperative relations with HYBE and SM Entertainment to help stoke the global status of K-pop and K-culture,” the big tech giant’s statement read.
In a statement on Sunday, Kakao said, “Kakao and Kakao Entertainment respect Hive’s decision to discontinue the acquisition of SM.” We will contribute to enhancing the global status of K-Culture, including K-culture.”

Kakao also vowed to guarantee the independent business operations of SM, aiming to materialize SM’s vision 3.0, the entertainment firm’s global strategic growth goals for the future.
Kakao announced that it would guarantee SM’s independent business operation with the goal of realizing the SM 3.0 strategy, which is SM’s future global growth goal.

“By combining SM’s global intellectual property (IP) and top-rated production system and Kakao’s IT technology and IP value chain business capabilities, we plan to create a new synergy of IP and IT that goes beyond the music business, while strengthening each firm’s global competitiveness,” Kakao said, adding that it will also start shaping up its business cooperation with HYBE.
Kakao said, “By combining SM’s global intellectual property (IP), top-notch production system, Kakao’s IT technology, and business capabilities of the IP value chain, we create new synergies between IP and IT beyond the music business, while simultaneously enhancing each company’s global competitiveness.” We plan to strengthen the business,” he added, adding that he plans to start business cooperation with Hive in earnest.

With uncertainties surrounding HYBE removed, Kakao and Kakao Entertainment said they will continue with their ongoing tender offer to purchase a 35 percent stake in SM until March 26 as originally scheduled.
With the uncertainty surrounding Hive resolved, Kakao and Kakao Entertainment announced that they would continue the tender offer to purchase a 35% stake in SM until the 26th, as originally scheduled.

Kakao launched the tender offer to purchase SM shares at 150,000 won per share ($113) on March 7, aiming to secure a significant stake in the K-pop entertainment company. Kakao’s tender offer price is 25 percent higher than HYBE’s tender offer for a stake in SM, which was 120,000 won per share and ended in failure in February. If Kakao succeeds in its tender offer, the big tech giant will hold a 39.91 percent stake in SM Entertainment.
On the 7th, Kakao started a tender offer to purchase SM shares at 150,000 won per share. Kakao’s tender offer price is 25% higher than the tender offer price of 120,000 won per share for Hive’s stake in SM, which was canceled in February. If Kakao succeeds in the tender offer, Kakao will own a 39.91% stake in SM.

KEY WORDS
■ quest search, search
■ acquisition (company) acquisition, purchase
■ mutual
■ take over (a company, etc.)
■ stake
■ materialize materialize[실현되다]
■ top-rated (to the public) most popular
■ Shape up (in a particularly good direction)[전개되다]
■ ongoing
■ tender bidding

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