A Landmark Industrial Strategy Unveiled – Execution is Key

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A Landmark Industrial Strategy Unveiled – Execution is Key

Idea

July 1, 2026 12:36 AM GMT

Morgan Stanley Asia Limited+MSouth Korea | Asia Pacific Kathleen Oh

Chief Korea/Taiwan Economist

A Landmark Industrial Strategy Kathleen.Oh@morganstanley.com +852 2848-7340

Unveiled – Execution is Key

Korea unveiled "Three Mega Investment Projects" to solidify its

position in the global AI supply chain and ease regional Exhibit 1 : Domestic investment activities

imbalance. Should these initiatives materialize as announced, we have largely come to underperform the rest of

see a meaningful upside risk to growth outlook, minimum 50- growth accounts in recent years – new mega-

70bp next 3 years; 100-150bp beyond 2031. projects to tackle this issue

% share of growth contribution by expenditure account

Key Takeaways 5040 Past 20 years Past 10 years Past 5 years

President Lee unveiled a landmark industrial strategy on June 29 – "Three Mega 30

Investment Projects" with an estimated size at least KRW2,000tn (~USD1.5tn). 10

The three project areas include: (1) semiconductor clusters, (2) AI data centers, -10

and (3) physical AI & robotics, led by Samsung and SK Group. -20

-30

In return, the government will provide extensive support covering power, water, consumptionPrivate Governmentexpenditure Constructioninvestments investmentsFacilities Intellectualproperty Net exports

land, infrastructure, workforce training, and housing for these initiatives. Source: BoK, Morgan Stanley Research

If they materialize with timely execution, we see growth upside of at least 50-

Exhibit 2 : Under-industrialized Southwestern 70bp from increased construction and production activities through 2030.

region across Jeolla province set to benefit