South Korea is preparing a support package for chip investments and research worth more than 10 trillion won ($7.30 billion), the finance minister said on Sunday, after deciding to win a “war” in the semiconductor industry.
Finance Minister Choi Sang-mok stated that the government would soon release details of the package, which targets chip materials, equipment manufacturers, and fabless companies across the semiconductor supply chain.
Mega Chip Cluster
Choi told executives from domestic chip equipment makers at a meeting that the programme could include policy loans and the establishment of a new fund financed by state and private financial institutions, according to a statement from the finance ministry.
South Korea is also developing a mega chip cluster in Yongin, south of Seoul, which it claims is the world’s largest high-tech complex.
President Yoon Suk Yeol has promised to use all available resources to win the “chip war,” including tax breaks for investors.
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