Future Tech

South Korea announces $19 billion support package for chip industry

Tan KW
Publish date: Thu, 23 May 2024, 11:49 AM
Tan KW
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Future Tech

SEOUL - South Korea announced on Thursday revised plans for a support package for the country's vital semiconductor industry worth 26 trillion won ($19.05 billion), the country's presidential office said on Thursday.

Under the package, President Yoon Suk Yeol said the government planned a financial support programme for chips worth about 17 trillion won through state-run Korea Development Bank to support large-scale investments by semiconductor companies, according to Yoon's office.

Yoon said a 1 trillion won fund would be set up to support fabless companies and equipment makers

Yoon also asked the industry ministry to come up with innovative measures to strengthen South Korea's competitiveness in the non-memory chip sector, the presidential office said.


  - Reuters


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