$19 Billion for South Korea’s Chip Industry

by | 23. May 2024 - 08:44 | Politics

President Yoon announces government support along the entire value chain.

Alongside Taiwan, South Korea is regarded as a leader in the production of modern computer chips. The South Korean news agency Yonhap reports that the country intends to support the semiconductor industry with the equivalent of $19 billion to ensure that this remains the case. The measures presented by President Yoon Suk Yeol include financial support programs and research and development initiatives along the entire value chain, from chip design and material supply to actual production.

In January of this year, President Yoon presented plans to build the world’s largest center for chip production. The cluster is to be built south of the capital, Seoul, and attract investments of almost $500 billion (we reported). As a high-tech location, South Korea largely relies on imports of the necessary raw materials such as gallium and germanium to supply its advanced industries. To address this, the country is in talks with nations with mineral resources, such as Vietnam or Canada and the raw materials giant China.

Photo: KITTIPONG JIRASUKHANONT via Canva

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