Semiconductor Industry in South Korea: Country To Infuse Over USD 7.2 Billion in Domestic Chip To Boost Industry Competitiveness and Economic Growth

Seoul, May 13: South Korea will push to set up a package worth over 10 trillion won ($7.28 billion) to support the chip industry as part of efforts to boost the competitiveness of the critical industry and to prop up economic growth, its Finance Ministry has said.

The planned assistance programme of more than 10 trillion won aims at supporting facility investment and research and development programs for all sectors of the chip industry from chip materials to manufacturing equipment and components, Finance Minister Choi Sang-mok said during his visit to a local chipmaking company. Pakistan SIM Block: Telecom Operators Block 3,500 SIMs of Non-Filers, FBR Warns To Block 5,000 More Individuals if They Do Not File Their Returns; Know More Details.

The package would be created through a fund to be financed by private entities and public financial institutions, such as the state-run Korea Development Bank, reports Yonhap news agency.

"The indirect way of financial support is meant to prevent risks for chipmakers... which will focus particularly on the relatively weak fabless sector, as well as the materials, parts and equipment fields," Choi said, stressing the commitment to the creation of an industry ecosystem to enhance competitiveness. Apple OpenAI Deal: Tech Giant Finally Closes Agreement With ChatGPT-Developer To Use AI Technology to Its iPhone and Other Devices, Says Report.

Details of the envisioned programme will be announced after consultations with relevant entities, according to the Ministry. The semiconductor industry is a key growth engine for South Korea, which is the world's biggest memory chip producer as home to Samsung Electronics and SK hynix.