Huge incentive package from South Korea to the chip industry
South Korea announced a $19 billion incentive package that includes support for the chip industry.
South Korea announced a $19 billion incentive package to support the chip industry. This development comes as Samsung Electronics Co. races to stay ahead in an increasingly competitive industry. and SK Hynix Inc. It was interpreted as an advantage for
In the statement made by the presidential office, it was stated that the 26 trillion won program includes 17 trillion won of financial support for certain investments as well as tax incentives. The total amount at stake is more than double the 10 trillion won that Finance Minister Choi Sang-mok proposed less than two weeks ago.
The record program saw governments from the US to China replace Taiwan Semiconductor Manufacturing Co. and Intel Corp. It follows calls to support the domestic chip industry, where it has spent billions of dollars to attract and advance manufacturing projects such as
Korea, the world’s largest memory chip producer, has long preferred private conglomerates such as Samsung and SK to lead its investment efforts. But the government is now playing a more active role, spearheading plans to build a cluster of mega chip factories outside Seoul. The latest package announced represents the Asian nation’s largest chip industry support spend ever.