South Korea’s Minister of Finance, Choi Sang-mok, revealed that the country plans to support the semiconductor industry with over 10 trillion won ($7.30 billion) for chip investments and research. This funding boost falls in line with South Korea’s efforts to boost its semiconductor industry, which is a vital component of its export-driven economy.
The government has not yet announced details of the support package. However, it stated that the funding will go to chip materials, equipment makers, and chip manufacturing companies.
Sang-mok also revealed that the program may encompass policy loans and new funds with financing from the public sector and private financial institutions.
Earlier in April, South Korea’s President Yoon Suk Yeol announced an initiative to invest 9.4 trillion won ($6.94 billion) in artificial intelligence (AI) by 2027. The funding aims to fuel research and development efforts, particularly in AI chips such as artificial neural processing units (NPUs) and next-generation high-bandwidth memory chips.
Moreover, South Kora outlined plans to expand research and development in next-generation artificial general intelligence (AGI) and safety technologies. Hence, the country aims to have a market share of 10 percent or more in the global system semiconductor market by 2030.
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The ambitious vision underscores South Korea’s determination to leverage technological advancements to drive economic growth and secure its position as a global leader in the semiconductor industry which it has dominated over the past three decades
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