South Korea is crafting plans to win the ongoing chip war with a proposed investment of $7.3 billion, the country’s finance minister said on Sunday.
As we await more details of the package, Finance Minister Choi Sang-mok said the funding would target chip materials, fabless companies and equipment makers. The county is also building a mega chip cluster South of Seoul, which is sought to become the world’s largest chip complex.
A Grand Investment to Lead the Chip Race
South Korea, home to tech giants like Samsung and LG, is making rapid moves to stay ahead in the ongoing chip race. The country announced a 10 trillion won ($7.3 billion) package for chip investments and research, on Sunday.
Promising to share more details of this package soon, South Korea’s finance Minister Choi Sang-mok said the fund would attract chip materials, equipment makers, and fabless companies throughout the semiconductor supply chain. Further, the program could also offer policy loans from a new fund financed by state and private financial institutions, notes Sang-mok.
This aside, the nation is also building a large chip cluster in Yongin, south of Seoul, which is touted to become the world’s largest high-tech complex soon. All these plans are in line with President Yoon Suk Yeol’s vow to win the “war” in chips, who earlier claimed to pour all possible resources to attract investments and offer tax benefits to the chip companies.
Earlier this week, the country has also recently announced a $7 billion fund to push EV battery supply from China, and align more with the US trade guidelines.
