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World News May 15, 2024

South Korea prepares over $7 billion support package for chip industry

South Korea is planning a support package worth over 10 trillion won ($7.30 billion) for chip investments and research. Finance Minister Choi Sang-mok stated that the government will soon provide details on this package, targeting the entire semiconductor supply chain, including chip materials, equipment makers, and fabless companies. The program may offer policy loans and establish a new fund backed by both state and private financial institutions. Additionally, South Korea is developing a massive chip cluster in Yongin, near Seoul, which is touted as the world’s largest high-tech complex. President Yoon Suk Yeol has pledged to use all available resources, including tax benefits, to ensure success in the semiconductor industry.

Source – CGTN

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