S. Korea plans $7.3b support package for chip industry – FinMin

South Korea is escalating its fight for dominance in the global semiconductor industry, as it plans for a massive support package exceeding 10 trillion won ($7.3 billion), Reuters reported on Sunday, citing Finance Minister Choi Sang-mok.

The comprehensive programme aims to bolster various segments within the chip ecosystem. This includes chip materials, equipment manufacturers, and fabless companies, the report said.

Details are forthcoming, but potential measures include policy loans and the creation of a new investment fund backed by both public and private institutions, the finance minister added.

South Korea is further solidifying its position as a chip powerhouse through the construction of a mega chip cluster in Yongin, south of Seoul.

It is touted as the world’s largest such complex, which signifies the country’s commitment to technological leadership.

President Yoon Suk-yeol has emphasised the importance of semiconductors, declaring it a “war” his nation intends to win. Initiatives like tax breaks for chip investments further exemplify this ambition.