Seoul: In a bid to bolster its semiconductor sector, South Korea is poised to roll out a comprehensive support package exceeding 10 trillion won ($7.30 billion), announced Finance Minister Choi Sang-mok on Sunday, as the nation gears up to assert dominance in the global semiconductor arena.
Choi Sang-mok revealed that the government would imminently disclose the specifics of the package, which is set to encompass investments and research initiatives spanning chip materials, equipment manufacturers, and fabless companies across the semiconductor supply chain.
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Addressing executives from domestic chip equipment makers during a meeting, Choi hinted at potential components of the program, including policy loans and the establishment of a new fund financed jointly by state and private financial institutions, as stated by the finance ministry.
In addition to the support package, South Korea is spearheading the development of a mega chip cluster in Yongin, situated south of the capital, Seoul, which is touted as the world’s largest high-tech complex dedicated to semiconductor production.
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President Yoon Suk Yeol has pledged unwavering commitment to securing victory in the semiconductor “war”, pledging tax incentives to encourage investments and propel innovation in the sector.
