Korea: Large investment plan from the semiconductor manufacturers

研报英文原文证据摘录

Korea: Large investment plan from the semiconductor manufacturers

Cross Asset Research

30 June 2026

Korea: Large investment plan from

the semiconductor manufacturers

The Korean government alongside Samsung and SK have

EM Asia Economics

announced large investment plans. This is likely to Bum Ki Son, CFA(i)

meaningfully boost growth if executed according to plan. We + 65 6308 5291 bumki.son@barclays.com

believe the investment is sensible given the unprecedented Barclays Bank, Singapore

demand, but expect capacity-add only from 2030. European Technology Hardware Equity

Research

Simon Coles, CFAEconomics: The government unveiled KRW2061trn of new mega investment plans from

+44 (0)20 3555 4519

Samsung and SK and is expected to facilitate the investment with supporting infrastructure,

simon.coles@barclays.com

fast-tracking approvals, and providing tax benefits. We expect these investments to add 3.5% of Barclays, UK

nominal GDP per annum through 2026-2035 on average. In addition, we expect the accelerated

investment in the Yongin semiconductor cluster investments to add a further 1% of nominal Credit Fundamental

GDP per annum over 2026-2033, if implemented as planned. Jit Ming Tan, CFA(i)

+65 6308 3210

Despite the rosy outlook, we believe the actual surprise in the capex plan versus our equity jitming.tan@barclays.com

analyst's capex forecast is not large. Additional factors such as the non-linear increase in Barclays Bank, Singapore

investment, especially accounting for the initial infrastructure construction and potential delay

FX & EM Strategy

or reduction depending on the visibility of AI investment demand beyond 2030, will be Mitul Kotecha(i)

important. + 65 6308 5439

mitul.kotecha@barclays.com