South Korea prepares support package worth over $7 billion for chip industry
South Korea is readying plans for a support package for chip investments and research worth more than 10 trillion won ($7.30 billion), the finance minister said on Sunday, after setting its sights on winning a «war» in the semiconductor industry.
Finance Minister Choi Sang-mok said the government would soon announce details of the package, which targets chip materials, equipment makers, and fabless companies throughout the semiconductor supply chain.
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Offering CollegeCourseWebsiteIndian School of BusinessProfessional Certificate in Product ManagementVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisitThe program could include offers of policy loans and the setting-up of a new fund financed by state and private financial institutions, Choi told executives of domestic chip equipment makers at a meeting, the finance ministry said in a statement.
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South Korea is also building a mega chip cluster in Yongin, south of its capital, Seoul, which it touts as the world's largest such high-tech complex.
President Yoon Suk Yeol has vowed to pour all possible resources into winning the «war» in chips, promising tax benefits for investments.
($1=1,369.6500 won)
(Reporting by Ju-min Park; Editing by Clarence Fernandez)
