SEOUL, South Korea: South Korea is preparing a comprehensive support package exceeding 10 trillion won ($7.30 billion) for chip investments and research, announced Finance Minister Choi Sang-mok on Sunday.
The initiative aims to bolster the nation’s position in the semiconductor industry, which South Korea views as critical.
Choi Sang-mok stated that the government would soon unveil specific details of the package, which will focus on supporting chip materials, equipment manufacturers, and fabless companies across the semiconductor supply chain. The program may encompass various measures such as policy loans and the establishment of a new fund financed by both state and private financial institutions.
During a meeting with executives from domestic chip equipment makers, Choi emphasized the importance of this initiative. Additionally, South Korea is actively developing a massive chip cluster in Yongin, situated south of Seoul, which is projected to be the world’s largest high-tech complex of its kind.
President Yoon Suk Yeol has pledged to allocate all available resources to excel in the “chip war,” offering tax incentives for investments in the semiconductor sector. This concerted effort reflects South Korea’s commitment to maintaining its leadership position in the global chip industry.
