South Korea has announced a massive support package worth 26 trillion won ($19 billion) for its semiconductor industry. The move comes as the country seeks to maintain its competitive edge in the global chip market, which is currently experiencing intense competition.
The support package includes a financial aid program worth about 17 trillion won, planned through the state-run Korea Development Bank. This program is designed to back large-scale investments by semiconductor companies. Additionally, a 1 trillion won fund will be set up to support fabless companies and equipment makers.
The initiative is part of South Korea’s strategy to strengthen its competitiveness in the non-memory chip sector. The country aims to increase its global market share in non-memory chips, such as mobile processors, from the current 2% to 10%.
The announcement comes at a time when countries around the world, including China and the United States, are investing heavily in their own chip sectors. South Korea, home to the world’s top memory chip makers Samsung Electronics and SK Hynix, is determined to stay ahead in this global semiconductor warfare.
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