Seoul, Nov. 12 -- South Korea on Thursday began construction of the first project under its major industrial development initiative at Samsung Electronics' advanced chip packaging facility, just four months after the government announced the plan, according to a report by The Korea Herald.

South Korean President Lee Jae-myung and Samsung Electronics Chairman Lee Jae-yong attended the groundbreaking ceremony for the Chungcheong mega-project, where a decades-old semiconductor assembly and testing operation is being transformed into a hub for advanced high-bandwidth memory packaging, as per the report.

"Just four months later, we are standing at the site where that promise is becoming reality," President Lee said, as reported by The Korea ...