SEOUL, May 12 – South Korea is gearing up to unveil a comprehensive support package aimed at bolstering investments and research in the semiconductor industry, with plans exceeding 10 trillion won ($7.30 billion), announced Finance Minister Choi Sang-mok on Sunday. The move comes as South Korea intensifies efforts to emerge victorious in the global semiconductor arena, with President Yoon Suk Yeol pledging to allocate all possible resources to this “war.”
The proposed program may encompass various initiatives, including policy loans and the establishment of a new fund, jointly financed by state and private financial institutions, as conveyed by Choi during a meeting with executives from domestic chip equipment manufacturers, as stated by the finance ministry.
Additionally, South Korea is actively developing a mega chip cluster in Yongin, situated south of Seoul, which is being touted as the world’s largest high-tech complex dedicated to semiconductor production.
In his commitment to fortify the nation’s position in the chip industry, President Yoon Suk Yeol has pledged tax benefits for investments in this sector. The government aims to extend support across the semiconductor supply chain, encompassing chip materials, equipment manufacturers, and fabless companies.
Further details regarding the support package are expected to be disclosed shortly, signaling South Korea’s unwavering determination to solidify its foothold in the global semiconductor landscape.
