President Yoon Suk Yeol announced plans to create the world's biggest cutting-edge system semiconductor cluster near Seoul while establishing new industrial complexes in other 14 regions.

Presiding over an emergency economic and livelihood meeting on Wednesday, Yoon stressed that cutting-edge industries are the nation's key growth engine and strategic security asset that are directly linked to jobs and livelihoods.

In contrast to the prevalence of subsidies and tax breaks in the global competition to attract new manufacturing facilities, the president said the world-leading cluster will be built based on private investments of 300 trillion won, or some 230 billion U.S. dollars.

It will be further expanded through links to existing memory chip plants and over 150 firms in the materials, parts and equipment industries.

The president also promised to establish 14 new cutting-edge industrial complexes outside the capital region to foster the space, future vehicles and hydrogen industries in a bid to spur balanced regional development.