South Korea's Ministry of Finance has announced plans to provide 8.8 trillion won (approximately $6.45 billion) in low-interest loans and additional support to the semiconductor industry by next year. This initiative is part of President Yoon Suk-yeol's extensive 26 trillion won support plan unveiled in June. The goal is to enhance the competitiveness of this advanced sector.
Under this plan, the government aims to improve the entire industry ecosystem by providing 4.7 trillion won in support for chip manufacturers, fabless companies, and chip material firms until 2025. Additionally, the South Korean government will allocate an extra budget of 1.7 trillion won next year to ensure large-scale research and development in cutting-edge technologies like chip cloud computing and packaging, along with talent cultivation.
About 2.4 trillion won will be invested in building infrastructure for a semiconductor industrial park in Yongin, Gyeonggi Province. South Korea is striving to establish the world's largest chip cluster in Yongin, with Samsung Electronics, SK Hynix, and other chip manufacturers planning to invest 622 trillion won to construct 16 new wafer plants.
According to the Minister of Planning and Finance Choo Kyung-ho, the government is committed to supporting the chip industry, enabling these companies to lead the global market.
