Seoul to invest W1.5tr to bolster competitiveness of chip industry
[THE INVESTOR] Officials from Korea’s Industry Ministry on July 30 vowed to invest 1.5 trillion won (US$1.34 billion) over the next 10 years to maintain the segment‘s competitiveness after visiting key semiconductor production lines of Samsung Electronics and SK hynix.
“In order to have Korea maintain its reputation as the world’s top semiconductor powerhouse, we will support the development of the chip industry by centering on three strategies,” Industry Minister Paik Un-Gyu said during his visit.
The chip segment is a key pillar for Korean industry, accounting for roughly 20 percent of exports by Asia’s fourth-largest economy.
The three strategies mentioned by Paik are the development of next-generation materials that will replace existing memory chips, the seeking of combined growth of fabless and foundry businesses, and hosting production lines of global semiconductor companies.
The Industry Ministry said it will partner with the Ministry of Science and ICT to make the necessary investment going forward.
By Song Seung-hyun and newswires (firstname.lastname@example.org)