On Thursday, the president’s office of South Korea announced that the nation unveiled a 26 trillion won ($19 billion) support package for its crucial semiconductor industry.
President Yoon Suk Yeol announced the government’s intention to encourage large-scale investments by semiconductor companies. The government plans to implement a financial support program for chips valued roughly at 17 trillion won through the state-run Korea Development Bank.
Yoon announced the creation of a 1 trillion won fund. This fund will assist fabless companies and equipment manufacturers, which design semiconductors but contract out their manufacturing.
According to the presidential office, Yoon requested the industry ministry to devise novel strategies to boost South Korea’s competitiveness in the non-memory chip market.
Earlier this month, Choi Sang-mok, the country’s Finance Minister, stated that the government aims to promote semiconductor investments and research worth more than 10 trillion won. The revised support package is larger than those initial intentions.
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