South Korea Unveils Plans for Semiconductor Industry Support

South Korea announces plans for a substantial support package exceeding 10 trillion won ($7.30 billion) to bolster chip investments and research. Finance Minister Choi Sang-mok underscores the nation’s commitment to excel in the semiconductor sector.

Comprehensive Initiative:

The forthcoming support package, targeting chip materials, equipment manufacturers, and fabless companies across the semiconductor supply chain, reflects South Korea’s comprehensive strategy to enhance its competitiveness in this critical industry.

Financial Mechanisms:

Finance Minister Choi hints at potential program components, including policy loans and the establishment of a new fund financed collaboratively by state and private financial institutions. 

These measures aim to facilitate access to capital and stimulate innovation within the semiconductor ecosystem.

Infrastructure Development:

In tandem with investment incentives, South Korea is advancing plans to develop a mega chip cluster in Yongin, positioned as the world’s largest high-tech complex dedicated to semiconductor production. 

This infrastructure initiative underscores the nation’s ambition to consolidate its leadership in semiconductor manufacturing.

Presidential Commitment:

President Yoon Suk Yeol reaffirms South Korea’s determination to emerge victorious in the global semiconductor “war,” pledging to fully utilize available resources and offering tax benefits to incentivize investments in this critical sector.