South Korean President Yoon Suk Yeol unveiled a KRW26 trillion ($19.1 billion) support package for the country’s chipmaking sector, covering financial, infrastructure, R&D and backing for SMEs, AFP reported.
Yoon reportedly said a semiconductor financial support programme of KRW17 trillion managed by the Korea Development Bank would allow companies to ready fresh investments.
The incentives also include a KRW1 trillion fund to support fabless companies and SMEs working across the sector.
AFP reported the programme includes KRW10 trillion in funds to aid domestic manufacturers of chips and related components and materials revealed by Finance Minister Choi Sang-mok in mid-May.
Yoon reportedly added the government also plans to extend tax benefits for chip investments to increase employment.
Choi previously said he is working with the government to extend a sunset clause covering investment tax credit for strategic technologies due to end this, while expanding the scope of R&D investment tax credits.
In January, local media reported Samsung and SK Hynix planned to invest KRW622 trillion to expand chip production capacity in a 21 million square-metre mega cluster, with 16 new fabrication facilities targeted by 2047.
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