Semiconductor Industry: South Korea To finalize $7 billion chip investment
South Korea’s finance minister announced on Sunday that South Korea is in the process of finalizing a support package exceeding 10 trillion ($7.30 billion) for chip investments and research, aiming to secure victory in the semiconductor industry ‘war’.”
This initiative comes as the country aims to achieve dominance in the semiconductor industry.
Finance Minister Choi Sang-mok indicated that the government would soon unveil specifics of the package, which aims to bolster chip materials, equipment manufacturers, and fabless companies across the semiconductor supply chain.
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During a meeting with executives from domestic chip equipment manufacturers, Choi mentioned that the program might encompass policy loans and the establishment of a new fund financed by both state and private financial institutions, as outlined by the finance ministry’s statement.
Additionally, South Korea is constructing a massive chip cluster in Yongin, located south of Seoul, positioning it as the world’s largest high-tech complex of its kind.
President Yoon Suk Yeol has pledged to dedicate all possible resources to triumph in the chip “war,” including offering tax incentives for investments.
