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

SEOUL : South Korea is readying plans for a enhance kit for chip investments and be taught rate bigger than 10 trillion won ($7.30 billion), the finance minister said on Sunday, after setting its sights on winning a “conflict” in the semiconductor trade.

Finance Minister Choi Sang-mok said the authorities would soon explain tiny print of the kit, which targets chip materials, equipment makers, and fabless companies for the period of the semiconductor offer chain.

This system might perchance perchance consist of offers of protection loans and the setting-up of a brand recent fund financed by train and private monetary establishments, Choi told executives of home chip equipment makers at a assembly, the finance ministry said in an announcement.

South Korea is furthermore constructing a mega chip cluster in Yongin, south of its capital, Seoul, which it touts because the world’s very most appealing such high-tech complex.

President Yoon Suk Yeol has vowed to pour all imaginable resources into winning the “conflict” in chips, promising tax advantages for investments.

($1=1,369.6500 won)