The Yongin Chip Cluster, which aims to become the world's largest semiconductor industrial complex by 2030, was designated as a national industrial complex by the government on Thursday, three months ahead of schedule.

The Ministry of Land, Infrastructure and Transport expedited the process of site selection and industrial complex designation, reducing the typical timeline of over four years to just one year and nine months.

Additionally, the government plans to speed up the compensation process to bring forward the groundbreaking date from June 2030 to December 2026.

The land ministry aims to integrate the development of the industrial complex with surrounding residential areas to create an industrial-centered, mixed-use city.

The chip cluster will span seven-point-28 million square meters and include six large fabs, three power plants and over 60 materials, parts, and equipment companies.