President Yoon Suk Yeol pledged to extend the tax credit on investments in the semiconductor industry that is set to end this year.

At this year's third round of public debates on Monday, Yoon refuted claims that such credit as throwing money around for conglomerates, saying increased investment leads to rising profits and jobs in the ecosystem, as well as increased state tax revenues.

The president said the finance ministry, a state agency that conducts business, offers tax exemptions and state subsidies, knowing that they would lead to more taxation and financial income.

Referring to the world's biggest semiconductor mega cluster being built in southern Gyeonggi Province, with investment estimated to worth 622 trillion won, or around 472 billion U.S. dollars, Yoon anticipated at least three million high-quality jobs to be created over the next 20 years.

The president said 950-thousand direct and indirect jobs are set to be created in the next five years through investments of 158 trillion won.

Yoon highlighted the necessity of nuclear power generation, saying it requires a one-point-three-gigawatt nuclear plant for every semiconductor foundry.