Aid package for chip industry
Seoul, May 12 (Reuters) – South Korea is preparing to unveil a support package aimed at chip investments and research exceeding 10 trillion won ($7.30 billion), announced the finance minister on Sunday, as the nation sets its sights on emerging victorious in the semiconductor industry “war”.
Finance Minister Choi Sang-mok stated that the government would imminently unveil specifics of the package, which will focus on chip materials, equipment manufacturers, and fabless companies across the semiconductor supply chain.
Choi informed executives of domestic chip equipment manufacturers at a meeting that the program might entail policy loan offers and establishing a new fund supported by both state and private financial institutions, as stated by the finance ministry.
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.
President Yoon Suk Yeol has pledged to allocate all available resources to secure victory in the chip industry “war,” including offering tax incentives for investments.
