South Korea is gearing up to invest over $7 billion in its semiconductor industry, signaling a strong commitment to becoming a global leader in chip technology. Finance Minister Choi Sang-mok announced the upcoming support package, which aims to enhance investments and research across the entire semiconductor supply chain.
The comprehensive package will target chip materials, equipment manufacturers, and fabless companies, providing policy loans and establishing a new fund financed by both state and private financial institutions. This strategic move is designed to bolster innovation and ensure South Korea remains competitive in the rapidly evolving tech landscape.
In addition to the financial support, South Korea is developing a mega chip cluster in Yongin, located south of Seoul. This high-tech complex is being promoted as the world's largest of its kind, offering cutting-edge facilities and resources to attract top-tier semiconductor companies.
President Yoon Suk Yeol has pledged to allocate all possible resources to win the \"war\" in the chip industry, including offering tax benefits to incentivize investments. This initiative underscores South Korea's determination to secure a dominant position in the global semiconductor market.
As nations like Japan, the U.S., and Germany lead in chip subsidies, South Korea's aggressive investment strategy aims to position itself at the forefront of technological innovation and economic growth.
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South Korea prepares over $7 billion support package for chip industry
cgtn.com